Here’s Why Couples Should Invest in Wedding Insurance!
A wedding is a landmark occasion in a couple’s life which, more often than not, incurs sizeable expenses. While nobody likes to think about things that could go wrong on a special day, investing some time in measuring the odds and getting covered against risks could be highly beneficial. Latin Manharlal Insurance Broking
Latin Manharlal Insurance Broking offers wedding insurance policies, among other products. These policies are designed to protect couples from losses that may occur due to unforeseen events causing damage at or to their wedding. LM insurance experts help individuals and couples identify, evaluate and more importantly customized and structure their wedding insurance plan thus ensuring that ‘I do’ is the only thing they have on their mind for a joyous present and happy future.
In a conversation with us, Hetvi Shah of the Latin Manharlal Group shares all about wedding insurance and the reason why more and more couples are signing up for it.
Why should one get their wedding insured? In India, weddings can be an expensive affair, and people may look at wedding insurance as an added cost. What do you have to say to them?
“While it may sound paradoxical, the reason why couples should spend a little more and get their nuptials insured is that weddings in India are such an expensive affair. Getting insurance relieves them of the worry about the deposits they have paid. The policies are designed to take care of their money and assets in case an undesirable and/or unforeseen circumstance occurs. Not only does this secure their investments, but also a way to ensure that they are focused only on enjoying the momentous occasion.”
What are some of the things that a wedding insurance policy covers?
“Just like every wedding, each policy is unique and customized keeping in mind the needs and priorities of the couple who will benefit from it. Policies cover a wide variety of situations such as event cancellation or postponement, damage to venues included under the policy, an accident of the bride, groom or close blood relatives, burglary at the residence or the Wedding Venue of the insured and so on. A wedding policy can be customized to suit each couple’s needs and there is a wide range of items that can be insured.”
Under what circumstances can couples avail the compensation and when can they not?
“Well, this entirely depends on the specific scope of each policy that the couple chooses. The compensation can be claimed under different heads as per the policy. Exclusions under each covered item is very transparent and is clearly communicated at the time of issuance. Having said this, it is pertinent to note that policies cover costs only for events that are out of the couple and their families’ control. This means that if the bride or the groom decides to pull out because of cold feet, they will not be compensated.”
Can wedding guests benefit from this too?
“Absolutely! Wedding guests can be insured too by having them included to the liability policy. Thus, if anyone attending a wedding faces any kind of trouble they can benefit from the policy.
If the couple is having a destination wedding, does their travel get insured?
“Yes it is insured, but most companies cover destinations within Indian territories. In case of event cancellation due to any reasons included in the policy, the travel will be reimbursed.”
What are the premiums people should pay when insuring their wedding? Is there a specific percentage of the overall wedding cost that you recommend?
“Since each policy is tailor-made to suit every client’s needs, it is difficult to mention a blanket ballpark figure for the premium. Details about the premiums can be discussed only once we gauge the event cost and the covers that one wishes to opt for.”
Can the wedding insurance premiums be paid in installments?
“It is a one-time premium that an individual or couple has to pay and currently there are no deferred payment options.”
What are the documents required when getting wedding insurance?
“There aren’t many documents needed at the time of buying the policy except basic details of the wedding and KYC documents of those being covered, but in the event of a claim, the client has to submit all necessary invoices and supporting as evidence.”
Have you insured your wedding yet? Explore the best-suited cover for your wedding here.