The Big Fat Indian wedding just gets bigger and fatter. As politicians, actors and industrialists make news with their children's multi-crore rupee weddings, ordinary souls don't want to be left behind. But, the bigger the wedding, the harder it is to manage. And God forbid, if something should go wrong, each carefully-made plan could come undone in no time. Insuring the wedding might just be the answer.
Rameshchandra V. Shah, 54, is an Ahmedabad-based petrol pump dealer. He decided to insure his daughter Bhoomi's wedding two years ago, in February 2005, because a family friend had lost some jewellery to theft a day before a marriage ceremony the previous year. Says Shah: "I wanted to be prepared, just in case something untoward occurred. So, I took an insurance policy worth Rs 10 lakh for the wedding." The policy covered robberies/thefts, damage to the premises, the guests' safety, cancellations and other contingencies. Shah spent Rs 3,700 as premium, a small fraction of the total wedding cost.
You cannot put a price tag on peace of mind during an event as huge and nerve-wracking as this.
A Fad? Not reallyThere are those who believe that getting a wedding cover is for the rich. This is why there are few takers for it. T.A. Ramalingam, head (underwriting), Bajaj Allianz General Insurance, says, "Given the sacred nature of the rituals nobody wants to even think that anything could go wrong." However, wedding planners, who are hired to manage every aspect of the wedding, recommend insurance to their clients. Dipa Sheth, who runs an event planning firm, Occasionz Unlimited, with her partner Sneha Tejwani, says, "We recommend getting the wedding insured to all our clients. Wealthy individuals buy a lot of expensive designer wear and jewellery. These are items that face a high risk of theft." But despite their advice, only 40-50 per cent of their clients decide to go for insurance, she says. Occasionz works with The Oriental Insurance Co. to provide wedding insurance if the client so desires.
So what kind of insurance do you need? Sachin Parekh, CEO of Aadhyam Weddings & Allied Services, says, "Insurance of jewellery against thefts is preferable. Also, cover against cancellation or postponement of the ceremony due to an accident to the bride or groom or due to the death of a close relative, is also advisable." In case such an untoward incident does happen, and the wedding is insured, compensation will be given for expenses already incurred.
Your optionsA wedding is a momentous day for any couple. So, if the idea of getting it financially protected appeals to you, there are many options available.
Among private insurance companies, Bajaj Allianz has a dedicated wedding