How Useless Is Wedding Insurance? 😮💨
Hello lovelies!!
How are you doing? I hope you’re struggling just as much to do other stuff while the rain has become a beautiful inconvenience all over Mumbai (hopefully, where you live too) and the temptation to order pakoras is through the roof!
What I was up to: Team FinCocktail has been HUSTLING!! (definitely not in a toxic, self-destructive way though). We released another episode of our podcast:
We are now registered mutual fund distributors!! If you would like to check it out, you can fill out this form and our team will get in touch with you soon :)
And… someone from our team is getting married in August! That’s why this mailer came to be, garma garam right after we received the invite! Gosh, shaadis are always super fun ya!
Market ka haal: The Indian Equity Market was rising for 7 consecutive weeks but that was put to a hard stop as markets have been plummeting for five sessions now confirming a near-term bottom reversal pattern as global trends are trading weak.
While Dalal Street had high expectations from the Union Budget 2024, the first budget seemed to be an extension of the interim budget, leaving fewer reasons to cheer the Indian stock market while it was trading at a record high. Apart from this, below-par Q1 results in 2024, FIIs and DIIs selling, and weak global market sentiments are some other reasons that are dragging the Indian stock market these days.
Humara Gyaan: We Indians are all about extravagance when it comes to weddings. Couples and their families often do not mind stretching their pockets to ensure everything fits their idea of perfect. An average Indian wedding can cost anywhere from 20 lakhs to 5 crores with a footfall of 300 to 2,000 guests. Weddings are now more than just emotional events — they’re big business.
From venue mishaps to vendor no-shows and even weather tantrums threatening to derail the perfect day, a comprehensive policy can cushion the financial blow. Here are a few types of wedding insurance commonly available:
1. Cancellation or Postponement Insurance ⏳
This type of insurance protects against financial losses when unforeseen circumstances force the wedding to be canceled or postponed. It covers deposits, venue fees, catering costs, and more.
✅ Why It’s Useful: Ensures you don’t lose money if a key individual falls ill or an emergency occurs. Covers additional costs for rescheduling the wedding.
🚫 Why It’s Useless: Policy terms and coverage limits can vary, so read the fine print. It might not cover all types of emergencies, leaving some gaps.
2. Liability Insurance 🛡️💍
Liability insurance protects against financial losses from accidents, injuries, or property damage during the wedding. It covers legal expenses, medical bills, and compensation for damages.
✅ Why It’s Useful: Shields you from potential lawsuits, providing peace of mind.
Covers a wide range of incidents, from guest injuries to property damage.
🚫 Why It’s Useless: Can be expensive depending on the size and type of the wedding. Some incidents might not be covered, depending on the policy.
3. Public Liability Insurance 👥🏥
This specific liability insurance covers injuries or damages to third parties due to accidents during the wedding. It’s an essential add-on for big gatherings.
✅ Why It’s Useful: Provides extensive coverage for third-party claims. Essential for large weddings with many guests.
🚫 Why It’s Useless: Might duplicate some coverage already provided by general liability insurance. Can be an additional cost on top of other insurance premiums.
Wedding insurance premiums depend on the size and type of cover opted for and will typically be 0.2-0.4% of the sum insured. Not many insurers offer wedding insurance in India. But, if you’re looking, Future Generali, ICICI Lombard, Bajaj Allianz, Oriental Insurance, and National Insurance Company have got you covered. The insurance generally lasts for the wedding duration, usually about seven days, and typically ends the day after the wedding.
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Weddings are crazy expensive. Every detail you pay attention to “perfecting” costs quite a bit. If you’re looking for a verdict on how useless wedding insurance is, well I’d say you must ask yourself becuase it’s one of those high-risk high-reward situations. So the answer will depend on your risk appetite and a few other socio-environmental factors at your wedding!
Decide wisely!🍻
Sayali ❤️
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