They are saying marriages are made in heaven and that could be true, however they’re celebrated on earth. 

Now think about the plight of the bride, groom and their households if their well-planned celebration needed to be cancelled or rescheduled resulting from such vagaries of nature.

Based on a current examine by KPMG and Occasion and Leisure Administration Affiliation, wedding ceremony trade in India with its allied sectors are estimated to be near a $50 billion trade. Round 3.2 million weddings are estimated for November and December alone. So, there’s a lot driving on the large fats Indian wedding ceremony and due to this fact offering ample safety within the occasion of a potential cancellation turns into essential.

So, what’s a marriage insurance coverage?

Marriage ceremony insurance coverage is a sort of particular occasion insurance coverage coverage that provides monetary safety associated to the cancellation of celebrations comparable to “Future Vivah Suraksha Coverage”. Below this coverage, the corporate makes positive that essentially the most memorable day within the lifetime of the insured is completely good and stress-free in case of cancellation of wedding ceremony resulting from lined perils below the coverage. The coverage not solely covers the price of cancellation, but in addition accidents through the wedding ceremony.

Protection provided below wedding ceremony insurance coverage

The Future Vivah Suraksha Coverage covers irrecoverable bills incurred by insured with respect to wedding ceremony ceremony cancellation or postponement. Few of the perils lined below the coverage embody unseasonal rains; storm; hail storm; sand storms; Tsunami; tempest and Act of God peril. This aside, loss or harm to the venue resulting from hearth & allied perils, earthquake, flood, cyclone (leading to cancellation of the occasion) making the venue unusable; riots, curfew (as declared by native police and/or involved authorities authority); dying or accident of bride, groom, and blood family members (mother and father, brothers, sisters of bride/ groom) through the pressure of the coverage; and so forth. are among the different issues lined below the coverage. It additionally customises the coverage as per the requirement of the client.

Coverage covers irrecoverable bills incurred by insured with respect to wedding ceremony ceremony cancellation or postponement resulting from lined perils below the coverage, therefore the sum insured below this coverage might be whole bills budgeted for the marriage ceremony.

The premium relies on the protection requested and sum insured, nonetheless, this coverage is issued for the interval of wedding ceremony solely.

Nonetheless, pre‐current situations, identified to the insured on the inception of canopy; cancellation of wedding ceremony resulting from disputes, if any, between the insured (bride, groom, household, family members, associates) and every other individuals associated to the occasion or resulting from non–look of the insured bride, groom, family members, associates, resulting from authorized, authorities circumstances, litigations, summons and so forth. are usually not lined below the coverage.

This aside, the failure to hold on the occasion, start and full the occasion within the scheduled time because of the insured’s incapacity to make the mandatory preparations, to take the required permissions, resulting from monetary incapacity, lack of funds, defaults; non‐arrival of invited priest, company, artists and so forth. resulting from authorities warrants, duties, court docket verdicts, summons, authorities necessities, private causes for every other occasion and cancellation of wedding ceremony resulting from monetary disputes, incapacity to rearrange finance, delay in arranging finance and so forth. are usually not liable to be lined below the coverage.

Raghavendra Rao is Chief Distribution Officer, Future Generali India Insurance coverage Firm Restricted.

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Revealed: 16 Jan 2024, 12:10 PM IST