Have you ever heard about the wedding insurance?. The basic principles on insurance is to protect you from any unforeseen events like death, loss or damage of property or vehicles. Anything if it would damage individual mentally or physically would need to be protected. It is insurers interest to offer the various insurance types, if they feel they can capture a market on such an type, they would come up with new kind of insurance type. In the changing world, it is necessary to adopt the latest hazardous for the human life and protect him.
One of the latest insurance category they are offering is the wedding insurance. One has to prepare and arrange marriage event by spending the lakhs of money, it would have been their life long savings. If there is any unexpected thing stopped the marriage, will they have money to arrange the event again?. The wedding insurance to cover the expenses for a wedding. If you have any doubts, please post it in the comments section. Subscribe to future articles here.
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What is Wedding Insurance?
It is new type of insurance offered by selected insurers to protect the wedding event for the policy holder. Basically, the intention of the insurance is to protect the money spend on the event if there is unforeseen incident stopped the wedding event. This type of insurance would pay the policy holder the amount spend for arranging the wedding event. It is related to the amount policy holder has taken to insure the marriage.
The insurance policy is effective from 7 days before the marriage event till the completion of the event. In this period, if there is any incident which stopped the marriage (as per the policy words there is certain incidents would be included or excluded for accepting the claim process. for details read the following section).
List of events can be approved
To get the claim approved by the insurer, there is list of events or conditions to be satisfied. Not all the events can be a reason to stopping the marriage, in that case insurer would reject the claim. The following are the some of the events to be approved for the claim process:
- Unexpected death of family member listed in the policy. While buying the policy, policy holder has to mention the family members name in the policy details.
- Fire in the marriage hall that stopped the marriage event.
- If there is any burglary of jewels or valuable things that would result in cancelling of the marriage.
- Earthquake that makes damage in the property and canceled the wedding.
Claim process for Wedding Insurance
This type of insurance works for giving the protection to policy holders from the losses. The policy holder would get the actual loss incurred by him subject to the maximum of policy coverage (sum insured) amount. If he wants to claim the losses, he has to submit all the bills with the FIR copy of the complaint he registered in the police station in case of the burglary. The following is the steps to claim the losses:
- Policy holder would intimate the insurance company about the loss.
- They would send the surveyor to the site to verify and investigate about the event.
- Policy holder has to submit the required bills and other documents to claim the money to the surveyor which he lost on the event.
- Then surveyor would send the survey report to the insurance company.
- If there is no issues on documents and survey report, the claim will be sent to the applicant.
The difficult thing is that keeping the bills and even getting the bills would be not easy in our country. Most of the expenses they spend for the marriage they would not give a bill. Practically, if they buy groceries from a super market run by individual, they would not get a bill. This would not come under the account. The insurance company would thing these and make amendments in the policy wordings to help the policy holders.
Who are offering Wedding Insurance?
Bajaj Allianz General Insurance, the leading private general insurance company is the first company to launch an insurance coverage for weddings cancellation or postponement. The insurance policy covers wedding cancellation /postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within 7 days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function. This scheme has four insurance options -Rs.2 lakhs,Rs.4 lakhs,Rs.6 lakhs and Rs.8 lakhs. Within each of these options, one can get from six different types of covers. The indicative premiums for the four options range from Rs.3770 to Rs.14276.
ICICI Lombard, is another insurance company offering the wedding insurance. This policy covers the Wedding Cancellation, Material Damage to the Property, Personal Accident cover for Insured Person and Public Liability. The above link on their website would provide more details on the insurance policy.
Summary
In India, the basic insurance awareness itself very poor. These kind of insurance types would take long time to catch their eyes. IRDA has to come up aggressively to promote and encourage the insurance companies to sell more policies. It is important type of insurance for the parents who are spending the life savings into son/daughters marriage. If you thing its worth knowing, spread this article to your friends. Thank you for the reading!!. If you have any doubts, please post it in the comments section.
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August 21, 2012 at 2:36 pm
Like securing anything else with an insurance policy, now we can secure our wedding day too by a wedding insurance policy.