With time, this spectacle of excitement and joy is increasing, and people are leaving no stone unturned to make the wedding memorable. As suggested by the Confederation of All India Traders, or CAIT, marriage has now become a grand ceremony.
About 35 lakh weddings will take place in the country this year, with an estimated expenditure of Rs 4.25 lakh crore. The amount of expenditure on wedding ceremonies is constantly increasing. According to data from the Global Wedding Services Market, wedding spending was $60.5 billion in 2020, which is expected to reach $414.2 billion by 2030.
There are many insecurities in such a large program. Such as cancellation of wedding, mishap at the venue, fire or any natural calamity that may affect the wedding ceremony. Now many companies have come up with plans like wedding insurance policy to protect the marriage. which will act as a protective shield. The size of the plan will determine its premium.
If the wedding is canceled for any reason or the date is changed for any other reason, hotel and transport bookings including money paid to chefs or others will also be covered under this. The insurance company will pay or compensate for this loss. There is also an add-on and driver feature, which can also help if something untoward happens on the road.
Each insurance company's rules apply to this. This also has similar conditions. This insurance will not be valid even if the death is due to a congenital disease, kidnapping or suicide. Also, this policy will not be valid in case of terrorist attack or unnatural injury. Many big companies provide this insurance policy. These include Bajaj Allianz, ICICI Lombard, National Insurance Company and Oriental Insurance Company.
