For middle-class and upper-class Indian families, the wedding budget accounts for a sizeable portion of their savings. All this is lost in an instant when disaster strikes at the last minute, such as a government order shutting down the venue or rain ruining an important ceremony. (Image Source: File)
Weeding in India means a total budget of almost 28-30 lakhs rupees. This is the minimum limit, but it can go much higher. A lot of weddings get fixed and the final dates are scheduled many months in advance.
But what if these weddings get canceled or face major disruption? One simple yet unique solution to this problem is Wedding Insurance, which is rapidly gaining popularity across India.
Wedding insurance is a form of special event insurance that provides financial protection for a bride and groom and their families against unexpected events that might cause the cancellation, postponement, or significant interruption of a wedding and its related activities. In essence, this is a safety net to cover the intensive financial investment one has made in the celebration.
Indian weddings are big affairs, with many months of preparation and advance non-refundable deposits paid to vendors such as venues, caterers, decorators, and photographers.
With budgets starting upwards of ₹28-30 lakhs and sometimes much higher, a cancellation means the family stands to lose almost all of that money.
This insurance covers a person against major risks like:
Cancellation or Postponement: If the wedding cannot be held for reasons beyond the family's control, such as a serious natural disaster (flooding or earthquake), a fire in the venue, or a sudden illness or death within the immediate family.
Property Loss or Damage: This covers the destruction of the wedding venue, among other things, or the loss of essential items such as bridal attire or jewelry because of theft or fire.
Vendor Failures: If a primary vendor such as a caterer or decorator fails to appear or otherwise breaches the contract and you have to book an expensive replacement at the last minute.
For middle-class and upper-class Indian families, the wedding budget accounts for a sizeable portion of their savings. All this is lost in an instant when disaster strikes at the last minute, such as a government order shutting down the venue or rain ruining an important ceremony.
The emotional investment of a family is already high adding to it the total financial loss is crippling. Having paid crores or lakhs of rupees to vendors well in advance, the family is left with bills and no celebration, which can deplete them of all their resources and leave them feeling totally helpless or "null" in managing the crisis.
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No, wedding insurance does not reduce the actual occurrence of a last-minute setback, but it removes the financial damage from it.
The insurance cannot prevent a sudden storm or a vendor from failing, but it does ensure that the family is compensated for the money lost.
It is this financial recovery which actually mitigates the impact of the setback. Fortunately, this kind of protection is quite inexpensive.
Premiums generally range from 0.2% to 2% of the total amount being insured, depending on the scale and complexity of the event.
The calculation of premiums depends upon a number of factors: number of guests, location, duration of functions, and specific protections sought.
The flexibility in this makes it quite an attractive and sensible choice for couples who are planning large, multi-city, or outdoor weddings.
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