CICI Lombard and Bajaj Alliance insurance companies from India have announced that they are now offering a unique form of “wedding insurance” product.
Though marriages are meant to be a dream come to reality, the truth of the matter is that they don’t all come to pass, and that there is a chance that they may need be stopped for any number of reasons.
The insurers recognized this fact as an opportunity and developed a new product in which weddings could be insured against the possibility of postponement or cancellation for a number of reasons.
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The policy will cover weddings against losses that can occur due to unexpected incidents such as catastrophes, accidents (to the bride and group, or to blood relations within a week of the event), or unintentional man-made disruptions and disasters (such as food poisoning at the function, or even burglary). The policy will not, however, cover the wedding against personal difference that occur between the couple to be wed. Though more general policies do exist for protecting weddings in the country, this one is more specific than what already exists.
According to industry experts, the typical wedding insurance product is designed primarily for individuals with a high net worth (HNIs) and celebrities, as their weddings are usually the most costly. However, the two insurers with the new protection product are hoping to reach a much broader group of brides and grooms to be.
Bajaj Allianz has said that they offer protection with premiums that are as inexpensive as under 4,000 rupees, up to policies with premiums as high as 15,000 rupees.