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Category Archives: wedding planner

Wedding Insurance: Do We Really Need This For Indian Weddings?

Life and circumstances are uncertain. Any day you can’t expect what’s going to come your way. Just like, the wedding dates of many couples went affected when the Coronavirus (COVID-19) appeared as a pandemic across the world. 

Weddings have been a grand and costly affair in India involving so much of expenditure. And, It can be even more explosive when families have to face unwanted situations like natural calamity, human-made perils, accident, injury, and much more. 

So, with a relatively small fee, wedding Insurance can be a way to offset some of the uncertainties or possible disasters that can ruin your big day. It can reduce the financial burden because of an unforeseen event, which might lead to a wedding for cancellation or delay. 

 

Here are a few of the crucial points that are a must for every couple to know about Wedding Insurance in India. It’s benefits, coverage, companies offering it, and do we need the insurance during this time to cover our special day! 

 

What is Wedding Insurance?

Wedding insurance is customized event insurance that includes all the specific risks related to marriages. The typical terms cover postponing or cancellation of the wedding due to the sickness or injury to the bride, groom, or any other person relevant to the wedding. 

It protects the families’ investment from the circumstances which are not in their control and compensates expenses incurred. There are a few things that are covered by insurance like the venue, vendor, weather, sickness, or injury. A particular amount is fixed under each head that can be claimed, and a deductible also applies.

 

Benefits of Wedding Insurance for couples

There are certain advantages that couples might get with Wedding Insurance as per their convenience.  

 

  • The scope of wedding insurance includes cancellation of the wedding due to natural and human-made pitfalls that involve damage to property and injury or death of a person. 
  • Wedding insurance covers on the Public Liability front where such injury or damage as a result of an accident at the wedding event venue during the policy period.
  • Wedding insurance includes damages caused to the property due to natural and manmade perils. Also, covering the temporary set up, jewels, and others.
  • The Personal Accident cover under such policies offers a refund for pre-declared individuals against disablement and death.
  • On D-day, a problem might arise regarding the venue, weather, sickness, or injury of the bride, groom, or other essential people, which can incur substantial losses to both the parties following cancellation or delaying the wedding. So, there is a maximum fixed amount that can be claimed under various heads from the insurance company.

 

What is not covered in Wedding Insurance?

There are certain things that wedding insurance doesn’t cover for couples and families. Instead of being customized convenience, it has few guidelines that you should look up before agreeing to it with insurance companies and agents. 

 

  • If the wedding couple changes their mind and the wedding gets called off, it is not counted.
  • Watches, jewels (unless written in the policy), semiprecious gemstones, or pearls are not covered, even if they are attached to the attire.
  • The policy may cover the wedding ring, but the engagement ring is certainly not.
  • If there is a cancellation of the wedding event due to political strike, civil unrest, terrorism acts in the destination city, or native place is not considered for compensation.
  • The persons mentioned under the policy are kidnapped during the event.
  • If the claim made is about persons not reaching the venue on time due to the unavailability of transport services.
  • Insurance doesn’t cover any after wedding consequential losses due to the cancellation of the wedding. 
  • Death or any physical abuse caused to the persons isn’t insured due to war or war-like situations.
  • If the persons insured, have self-inflicted injury or suicide.
  • Any ban imposed by the state or central government. 
  • A wedding under any pressure, criminal acts, misconduct, willful negligence, insolvency, and influence of drugs or alcohol are also not covered in the insurance.

 

Companies offering wedding insurance in India 

The wedding insurance premium depends upon many factors like quantum of risk covered, the time horizon for which the risk is to be covered, etc. The companies usually provide a customized cover. Broadly, the range of premium varies from 0.75-1.5% of the total protection, depending on the risk factors.

Since the financial risk is higher at weddings also, insurance is the best option to recover the loss. People here hardly seek wedding insurance as it is not very common in India. But, with the changing scenarios and increased cost of traditional weddings, there are a few Indian companies that offer its coverage like ICICI Lombard, Bajaj Allianz, and Future Generali

 

When to take in concern?

Well, this entirely depends on the couple and their families that how much they are spending so far. Also, both parties need to think about the various consequences of insecurities and uncertainties that might appear. For maintaining peace of mind, wedding insurance can be a side option that you can have 15-20 days prior to the event. 

Every insurance policy and every wedding is different. So, there is a need to be careful with clauses contained in policy like what is covered, what is not, and to what extent.

In India, wedding insurance is taking its trend at a slower pace. Now, as people are spending vast amounts on destination weddings and functions, one wants to ensure they cover. However, Indian mindsets are strong that they don’t believe in cancellation or postponing of marriages once planned. But having insurance in hand is no harm to the safer side.

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How To Manage Weddings In The Time Of Coronavirus (COVID-19)?

The coronavirus outbreak has got a pandemic status. And, this had been a significant issue for all the to-be couples and engaged ones for figuring out their wedding planning and celebrating the milestone event in this situation. 

Marriages all over the world, especially in India, are always a big affair to take in concern. Young ones, old relatives, and so many family members from different corners meet with a great sense of togetherness and enjoyment. 

But, what can right now be done in the scenario, when there is a whole shift in mindsets about hosting and attending big gatherings to this new virus outbreak? 

Analyzing the best practices, here are a few of the measures that you can keep in mind for self and your guest’s safety, comfort, and health. If there have been a few days or only a month left for your engagement or wedding, read these points below for better help. 

 

  1. Make sure to go for the events on a smaller scale. Don’t keep your gatherings too large and occupied as this is the high time to cut off the socializing as much as you can. 
  2. Try to set-up hand sanitizing stations across the venue, and make sure that guests remain hydrated, feel comfortable with lots of water bottles and alcohol-based wipes. 
  3. Talk to the venue and your booked vendors to ensure the staff working at the wedding are temperature tested (twice a day) and do not suffer from any medical symptoms connected with the Coronavirus. 
  4. Almost many wedding rituals call for close hugs and seek blessings by touching the feet of elderly people. But, in the time of Coronavirus try to avoid this and pay close attention to the person’s body language! Avoid handshaking with any person or going nearby. Encourage ‘Namaste’ to avoid touching feet or hugging. 
  5. Make the possibility of live streaming of your wedding for older guests and any relatives abroad or the loved ones who are avoiding travel and cannot attend the event. 
  6. Try to have functions outdoors in ample spaces where you can set chairs at a standard distance of 1-2m. Proper ventilation and sunlight can decrease the possibility of viral transmission, and your guests also won’t feel overcrowding. 
  7. In place of buffet dinners, try to arrange sit-down dinners for preferable social distancing.
  8. Last yet not least, have a conversation with your close and dear ones who are eager to attend your happiness but could not make it because of virus prohibition. Couples and their families should foresee the unease of travel and gathering that many will feel at this time, and plan accordingly. Weddings planned correctly can be as festive and fabulous ones, if kept everything in mind. 

 

For couples whose wedding is a few weeks away, start thinking of wedding insurance by talking to your wedding planner. All the to-be-weds should be aware of the term wedding insurance. 

Discuss the possibility with your broker and event coordinator to understand how it works and what it can cover! So you can be assured of different scenarios.

Finally, just remember, no matter how many precautions you take or be careful, you can never be sure that the venue and people working behind the scenes will be ‘100% healthy and safe’. After all, in these times, no place is safer than the other, and not everything can or will happen according to plan. And if your wedding is six months or a year away, don’t stress because the situation is evolving every day.

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Prenuptial Agreement – Everything You Need To Know About A Wedding Contract

Prenups or Prenuptial agreements are contracts signed before the wedding. It is a widespread concept followed abroad but not warmly welcomed in India. For a country like India, which is rich in culture and warmth of love which they share in relationships, this sounds like an Alien concept. 

In our nation, marriage is a religious alliance of man and a woman for their entire life, so having a contract between them with specific terms and conditions is strange. Under the Indian Contract Act, 1872, a prenuptial agreement is legally not valid under the Hindu Marriage Act in India. 

But, there are some critical points to know about the wedding contract in India if you consider it for your marriage. 

 

Currently, in India, there is no specific law governing a wedding contract. As discussed above, the legal system of India doesn’t yet recognize prenups as legal agreements. There are four principal points to consider about such a treaty in India-

 

  1. The law of contracts governs prenups, and no marital laws are for it. They require the same conditions, just like any other contract under Section-10 of the Indian Contracts Act, 1872.

 

  1. The different view is that prenuptial agreements are against public policy and hence nil under Section- 23 of the Indian Contract Act.

 

  1. Some consider prenups as only a memorandum of understanding or just for the formality to be done and not as strict binding on the parties.

 

  1. A wedding contract can be termed as lawful if the marriage is solemnized under the Special Marriage Act, and submitted along with other documents to the registrar.

Apart from the debate on the legal validity of prenups in India, it emphasizes the emotional feasibility offered by such pledge.

 

Modern wedding contracts in India can be seen as a sign of mistrust or lack of commitments among the people. Still, they help to solve a lot of matters regarding financial, child, divorce, and property issues. 

 

Also, if you opt for a wedding contract to be signed, it should contain the following clauses: 

 

  1. Disclosure of assets and liabilities
  2. Fiscal or monetary position of both parties. 
  3. Real estate properties
  4. Shared properties
  5. Separate properties
  6. Alimony or maintenance
  7. Child custody & maintenance
  8. Life insurance, Medical insurance, and claims
  9. Management of individual bank accounts and joint accounts.
  10. Management of household expenses, bills, rent, loans, etc. 
  11. Gifts in the form of jewelry, engagement rings, gold, or any other expensive articles.  

 

Though prenups cannot be legally enforced, as they only indicate the intent of the parties, and the court while pronouncing judgments. So before signing such a protocol, do consider the direction and action of it.

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