Insuring marriages

Getting the marriages insured is becoming the norm.

to prevent any mishaps from ruining this once-in-a-lifetime occasion (for most!), insurance has stepped in. Insurance cover is now being provided to ward off losses arising from fire and accidents, thefts, cancellation or postponement of the wedding.

ICICI Lombard, Oriental Insurance, Bajaj Allianz are amongst the few who have started these services. The marriage insurance market at Rs 30 crore is growing 50% year-on-year. Insurance companies are planning to come out with a marketing strategy for this segment.

Bajaj Allianz offers to insure anything between Rs 20 lakhs and Rs 70 lakhs, wherein the premium on this would range between Rs 3,770 and Rs 14,276. Though there is no minimum and maximum limits for the insurance,

this is certainly a whole new area of business of opening up and if marketed properly, could become a major industry in itself. And soon, the groom’s father might also start insisting with the bride’s father, to make wedding insurance as a part of the marriage “deal!” source - s.p tulsian.