Wedding insurance and its benefits

 

These days due to changing social culture and increased awareness about insurances people generally tend to insure everything by paying a small amount of insurance premium. There are some insurances offered by insurance companies, which seem to be weird but have logic behind the same. One such insurance is Wedding insurance. In this article, we will discuss the same.

Marriage is a significant financial commitment in and of itself. If the marriage is called off in this case owing to a corona, you can experience a severe financial shock. However, did you know that, like anything else, your marriage might also be insured?

Wedding protection Insurance:-

Recent corona waves have created a lot of financial losses to people who had planned their weddings during that period so people are more cautious about the wedding events as well as weddings are no longer smaller events in fact weddings are getting costlier day by day. Many wedding-related events were postponed due to COVID-19 waves. It is wiser to plan beforehand for challenging circumstances. Wedding insurance is the most effective method for doing this.

Insurance premium to be paid for wedding event:-

Your sum assured determines the wedding insurance's sum assured. Only 0.7 to 2 percent of the sum insured to be paid as the premium against that insurance. For instance, if you have a 10-lakh insurance policy, you will need to pay a premium of between 7 and 15 thousand rupees only. Which is not a bigger amount considering the financial loss if marriage gets cancelled.

What an insurance policy covers:-

Wedding insurance pays for all losses, from the cost of the wedding through its cancellation.

1. This covers any harm done to a third person over the course of a marriage, regardless of how it occurred.

2. This insurance will reimburse the costs if the marriage is dissolved or declared invalid for any reason.

3. Your property is protected if it sustains any form of damage during the wedding ceremony.

4. The bride and groom are sent to the hospital if they suffer injuries in an accident. Therefore, in this instance, hospital costs are also reimbursed.

Declare everything before buying this insurance:-

You should tell the insurance provider right away if the wedding schedule has to be changed for any reason. The corporation then does a quick search to confirm this information, following which the harmed party receives the claim's pay out.

Your claims likelihood to be denied in case of following circumstances:-

1. Curfew

2. Bride or groom kidnapping

3. Ending the union on your own

4. Individual guest losses during weddings

5. An unexpected reason-less sudden lack of availability for the wedding location

6. Wear gets strained over time

As stated earlier, this insurance seemed to be weird but in the future, you will find out more and more being adopted for this insurance as marriages are getting costlier day-by-day and unexpected events related to marriage cancellation will also be increased day by day.