What does wedding insurance cover, how much is the premium, who offers it

For a high expense event like a wedding, it may be a good idea to secure risks by buying an insurance policy.

Q. What does it cover?
Cancellation or postponement: It will cover your booking amount and advance payments made to décor companies, food vendors, hotels, travel agencies, entertainment artists, among others, if the wedding is cancelled, postponed or rescheduled.
Damage to property/ valuables:It covers damage due to fire, explosion, earthquake, etc, to residence, wedding venues or sets and props, as well as loss of valuables due to theft or burglary.
Personal accident: This covers accidental partial or complete disability or death of specified members.

Public liability: It covers any injury or damage to third parties due to accidents during the wedding.

Q. What doesn’t it cover?
Any unnatural cause of injury, loss and injury or death caused by congenital disease, war, terrorism, kidnapping, suicide or pollution are among the standard exclusions in a wedding policy.

Q. How much is the premium?
The premium will depend on the size and type of cover opted for and will typically be 0.2-0.4% of the sum insured. For instance, a Future Generali policy of Rs.40 lakh will cost Rs.10,000-15,000 in premium for the duration of the wedding.

Q. What is the term of insurance?
The wedding cover lasts for the duration of the wedding, usually seven days, typically ending on the next day of the wedding.

Q. Which companies offer wedding insurance?
Not many insurers offer wedding insurance in India. Among those who do are Future Generali, ICICI Lombard, Bajaj Allianz, Oriental Insurance and National Insurance Company.

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