look news india
Wedding Insurance Policy: Most Indians spend their entire life's earnings on their marriage. Keeping in mind the pompous, traditional customs of the society, a huge amount of money is spent on marriages. In which often there are cases of losing the capital deposited for the marriage due to accidental events. According to CII data, this year 35 lakh marriages are going to take place in the country, in which they will spend Rs 200 crore. 4.25 lakh crore will be spent.
The dangers of staying married
A huge amount is invested in marriage. But there are many risks involved in it. Like, cancellation of marriage, falling prey to natural disasters, occurrence of unexpected events like theft etc… Many companies are offering marriage insurance to protect against these risks. Which will work like a safety shield in a way. The premium is based on the planning capacity.
How much coverage will you get
If for any reason the wedding is cancelled or the date is changed, then other expenses including catering expenses for food, hotel and transport booking, decorations will be covered. Add-ons and riders are also available. Under which riders will come to help in case of any accident on the road.
this relief will not be available
Each insurance has different terms and benefits. The insurance will not be valid if the married person suffers from any congenital disease and death, kidnapping, suicide. Terrorist attacks and unnatural injuries will also not be covered.
According to data from the Global Wedding Services Market, weddings globally were worth $60.5 billion in 2020. Which is expected to increase to $414.2 billion by 2030.