Insurance cos offer policy cover for marriages

Marriages are made in heaven, but they can very well turn sour on this earth, by way of getting cancelled or not proving to be fruitful after being consumed.

Seeing a business opportunity here, the insurance companies have come out with an innovative proposition, wherein they would insure the weddings against their postponement or cancellations for certain reasons.

The catch is that the insurer will not pay for marriages turning sour due to personal differences between the bride and the groom, and the claims would be entertained only for losses due to external factors like accidents, catastrophes or unintentional man-made disasters or disruptions.

At least two Indian insurance companies, ICICI Lombard and Bajaj Allianz, have come out with the exclusive ‘Wedding Insurance’ products, while some others are providing similar coverages under their more generalised insurance policies.

Experts say that the wedding insurance covers are currently being availed mostly by HNIs (high net worth individuals) and celebrities, given the high costs attached with their weddings, but insurers also want to tap others for these policies as wedding bills are as such on rise across the board.

Accordingly, Bajaj Allianz is offering wedding insurance with premium payments of as low as below Rs 4,000, and as high as close to Rs 15,000.

As per its website, it has four insurance options — Rs two lakh, Rs four lakh, Rs six lakh and Rs eight lakh and the indicative premiums for these four options range from Rs 3,770 to Rs 14,276.

The policy covers “wedding cancellation/postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within seven days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function.”

Noting that wedding is an expensive, but ‘once in a lifetime’ event, Bajaj Allianz said that any postponement or cancellation involves a certain risk of monetary loss, and its wedding insurance acts as a safeguard against “unforeseen events that could postpone or cancel your wedding’’.

ICICI Lombard, on its part, provides insurance cover for the wedding cancellation, material damage to the property such as wedding venue, personal accident cover for insured person (bride or the groom) and any public liability arising out of the cancellation.

ICICI Lombard’s insurance product covers cancellation or postponement of the wedding ceremonies due to factors ranging from fire, earthquake or burglary and theft at the venue.

Besides, it also covers for “sudden, unexplained, unintimated failure” of the bride or the groom to appear for the wedding ceremonies due to reasons like death, personal injury or any major illness.

The expenses that would be covered include those for printing of cards and the advance payments for the venue, caterer, decorations, music, hotels and travel.

However, it would not cover the wedding cancellations due to factors like bandh or civil unrest, any act of terrorism, kidnapping, complete breakdown of transportation services.

Also, any non-appearance of the bride or the groom coming on an air flight, other than as a passenger in a licensed commercial aircraft, without the knowledge and consent of the insurer, would also not be covered.

Any unexplained or mysterious disappearance or shortage in respect of the venue would also not be covered, neither the damages to the property that is “caused intentionally by the insured or at insured’s direction’’, ICICI Lombard says.