Hedge those wedding blues

A wedding ceremony coverage program may add to your budget, but it will protect you from unanticipated disasters, states Tessy Koshy

Designs on the bride: Big-budget weddings are now the norm

You are all set to state ‘I do’. The open-air farmhouse wedding ceremony ceremony with the Mediterranean Sea subject is as much the high spot of the twenty-four hours as your wedding lehenga and jewellery. It’s A large twenty-four hours for your parents as well: They have got invested every penny into making this a dreaming twenty-four hours for you. But what if the rainfall Gods make up one's mind to play killjoy or if a fire interruptions out or the caterer messinesses up the menu? Can you afford to simply trust on supplications and fortune and maintain your fingers crossed till the last minute hoping that nil travels wrong? Or would you rather take a wedding ceremony coverage program and have got some peace of head and bask the D-day?

Even a center social class wedding ceremony in Republic Of India today costs upward of Rs 5 lakh. With bet so high, it is indeed of import to cover your particular twenty-four hours against any hazard or loss. Unfortunately, the superstitious Indian makes not desire to associate any sick volition with the auspicious juncture of marriage. Hence the limited consciousness about such as a valuable policy. People bury that a calamity can hit any time. Take, for instance, the recent violent clangs and curfew in Calcutta on November 21, 2007. The twenty-four hours happened to be an auspicious day of the month for wedding ceremonies too. “From the Hyatt Regency to Nalban, every locale was booked. But because of the curfew, instead of the expected 1,500 to 2,000 people at a locale only 500 people turned up, resulting in immense losings for the families,” indicates out Vinod Bhandari, who heads Wedding Xtraordinaire, a wedding ceremony direction company in Calcutta.

“I manage respective high-end weddings. Though there is so much money at interest in these mega-marriages Iodine have got rarely come up across any 1 opting for insurance. It is more than the NRI and immature BPO employees who are slowly realising the worth of this policy,” states Meher Sarid, a Delhi-based wedding ceremony planner.

The determination to buy wedding ceremony ceremony coverage is a highly personal 1 — a fiscal determination that tin be an further cost in your wedding budget. But it will protect you from any unanticipated catastrophes and mishaps. Amit Chakrabarty, a Calcutta-based chartered accountant, is considering taking an coverage strategy for his matrimony next February. “I believe it would be playing safe to cover the event just in lawsuit anything travels incorrect since a batch of money will be invested in the ceremony,” states Chakrabarty.

A wedding ceremony coverage policy covers a scope of things. Starting from an unexpected cancellation or postponement, it also takes attention of harm to property, which also includes harm to ornament either at the place of the policyholder or at the venue. A policyholder is also covered in lawsuit of a personal accident. However, at the clip of taking the policy, the policyholder must declare the name calling of relations to be covered under this section. The public liability issue, wherein any compensation is collectible for an accident to a individual for nutrient poisoning, is also covered along with theft.

Among the nationalised companies, Asian Insurance Company Limited, National Insurance Company Limited, United Republic Of Republic Of India Insurance Co. Ltd and New India Assurance Co. Limited offering wedding ceremony coverage programs under the event coverage schemes. In the private sector, Bajaj Allianz offers a specialised wedding ceremony coverage bundle and ICICI Langobard offers it through its event coverage plan. Bajaj Allianz’s policy covers wedding ceremony ceremony cancellation or delay owing to open fire or any natural disaster, accident to the bride or groom, accident to blood relations resulting within seven years of the wedding date, harm to place including the venue, burglary and even lawsuits of nutrient toxic condition at the function. “The disbursals covered would also include progresses paid for the venue, to the interior designers and caterers, music parties, hotel and traveling engagements and invitation cards,” states Aseem Goel, regional manager, Bajaj Allianz General Insurance, Calcutta.

This strategy have four coverage options in the scope of Rs 2 lakh, Rs 4 lakh, Rs 6 hundred thousand and Rs 8 lakh. Within each of these options, one can acquire six different types of covers. The declarative insurance premiums for the four options scope from Rs 3,770 to Rs 14,276.

ICICI Langobard offers a wedding ceremony coverage policy as portion of its event coverage policy. “If the pre-event mathematical functions are also covered, the policy is usually taken 30 years before the event and is valid till the day of the month of the event,” states Bindi Thakkar, corporate manager, marketing, ICICI Lombard, Mumbai. The insurance premium of this policy is broadly in the scope of 0.5 per cent to 1.5 per cent of the sum of money insured.

Companies such as as Asian Insurance offering matrimony coverage policies keeping in head the location and weather condition at the clip of the event. “For example, a matrimony in August at an open-air location will necessitate a higher insurance premium than a wedding ceremony in December because of the monsoon factor,” explicates Alok Jha, regional manager, marketing, Asian Insurance, Calcutta. Premiums also change on a case-to-case basis. According to Jha, clients who travel for matrimony coverage from Asian Insurance generally choose for a Rs 10 hundred thousand screen with insurance premiums ranging from 0.5 per cent to 1.5 per cent of the sum of money insured.

But there are a few of import things that one should maintain in head while making the claim. Wedding cancellation or delay must be owed to a fire or related to jeopardies at the venue. It could also be because of an accident to the bride, bridegroom or any of the relatives, seven years before the wedding. “You volition not acquire the claim if the wedding ceremony is cancelled because of a difference between the matrimony political parties or for harm to electrical setup because of short electrical circuit or self-heating,” says Ashish Kapur, CEO, Investshoppe, a Delhi-based wealthiness direction company. A kid matrimony is also not covered. Fines imposed by the authorities too are not covered.

When you desire to do a claim, states Bejon Misra, CEO, Consumer Voice, the most of import thing is that you should have got all the necessary certification in place. “Even points such as as the wedding ceremony card, measures and photos might be useful.” Though they state matrimonies are made in heaven, we all cognize solemnising them bes the earth. And now you know, insuring them will assist you canvas through it all.

(Additional coverage by Shubhobroto Ghosh in Calcutta)