Everyone wants their wedding dreamy like Bollywood movies. For this, people nowadays appoint event or wedding planners. A lot of money is spent to ensure that every function in a wedding is top class; from food, gifts, decorations, etc. From these expenses, it can be guessed that a lot of money is spent to make a wedding grand in India. We may spend a lot of money to make the wedding grand but we are worried that all the wedding functions should be conducted properly. Sometimes a fire or some other accident can happen during the wedding. On one hand, these accidents spoil the fun of the wedding and on the other hand, they also cause financial loss. We can be careful to avoid these accidents but what can we do to avoid financial loss?
Today, we have an option like wedding insurance to make the wedding day memorable. Yes, you can also get your wedding insured. Know what a wedding insurance is.
What is Wedding Insurance?
Wedding insurance is a type of accident insurance. In this, you can cover the financial loss related to the wedding day. In a way, it gives financial security to your wedding day. In this, you can compensate for the loss or any additional expenses if your wedding is cancelled.
What does wedding insurance cover?
If your wedding gets cancelled or postponed due to any reason (like due to natural disaster, illness, or death of someone in the family) then it is also covered in this insurance. Many times during weddings, the caterers or tent house vendors refuse at the last moment and other vendors demand more money. This is also covered in this insurance. The banquet hall you had booked got closed due to some reason and you had already made the payment. Now there are extra charges for booking another banquet hall. This type of situation is also covered by this insurance. If the bride, groom or any family member gets sick or injured during the wedding function, then all this is covered by wedding insurance.
Types of wedding insurance
The market for wedding insurance in India is slowly developing. Currently, only a few companies offer wedding insurance. There are many types of wedding insurance.
Cancellation or postponement insurance: This covers situations like the wedding getting cancelled or postponed.
Liability Insurance: Covers any injuries or property damage caused to anyone during a wedding function.
Vendor Failure Insurance: Covers losses incurred if a vendor refuses to provide a service.
Jewellery Insurance: It protects you from any loss in case your jewellery gets damaged or lost during the wedding.
Photography and Videography Insurance: Covers losses incurred if the photographer or videographer refuses to provide services.
How will it impact insurance?
Confederation of All India Traders recently released statistics on marriages. According to these statistics, more than 35 lakh marriages will take place in the coming months. In such a situation, we can imagine how much growth will come in the insurance sector if wedding insurance is taken for every marriage. Weddings are celebrated in a grand manner in every country of the world. According to media reports, the global wedding services market reached $160.5 billion in the year 2020. Similarly, if the wedding market continues to grow, it can reach $414.2 billion in the year 2030.
