Big Fat Indian Wedding? A Small Insurance Premium Can Save You Lakhs

A wedding is certainly one of the biggest events of your life. But life is uncertain, and there are reasons why you have to cancel or delay your wedding. And this may lead to a loss of lakhs of rupees, which you have already spent on planning for the wedding. Wedding insurance protects you against such eventualities.

What Wedding Insurance Covers 

"Most wedding insurance options cover the other significant risks in your case, such as unforeseen circumstance cancellations (natural disasters occurring over that weekend, sudden illnesses, accidents), circumstances arising at the venue, vendors simply forgetting their appointment with you, and more. Some policies may also include theft of jewellery or damage to décor," says Kunal Varma, Founder and CEO, Freo.

A basic wedding insurance policy in India would likely start at Rs 10,000- Rs 30,000 for coverage of Rs 10- Rs 25 lakh. "The premium is calculated based on many factors, including the size and budget for the wedding, even where the venue is located (considering the likelihood of possible weather disruptions), the length of the event, and the coverage (for example, whether jewellery or injuries to guests are included). Destination weddings, or high-profile and large events, would incur comparatively greater premiums," says Varma.

Why Wedding Insurance Matters 

Indian weddings nowadays are an enormous financial affair, often multiple tens of lakhs or more! With rising costs for vendors, nature being unpredictable, and logistics that can stretch your nerves, particularly if it is a destination wedding, couples and families want peace of mind. The pandemic also made us aware of how unpredictable these things can be, and wedding insurance offers a cushion against such shocks. It is no longer presumed to be just "another expense"; it is a smart backup system for your wedding day.

"Rising wedding expenses, erratic weather, and vendor-related problems may be the cause of the increased interest. Given that weddings now require extensive preparation and financial outlays, many families wish to safeguard their special day from unforeseen issues. If something unexpected happens at the last minute, insurance provides some peace of mind," says Trupti Balasubramaniam, CEO, Probus.

What Is Not Covered In Wedding Insurance 

"Most of the policies have important exclusions that couples should be mindful to read through carefully, such as simple changes in mind (i.e., invoking a voluntary cancellation), pre-existing issues (i.e. couple was aware of the medical issue), and cancellations, not the case of not getting the permits. Cancellation due to alcohol-related issues is generally excluded as well," says Varma.