Guess who is eyeing the big, fat Indian wedding these days? Insurance companies. With weddings getting grander by the day, the companies feel it is time to cash in on this untapped market by selling wedding insurance cover.
Bajaj Allianz has already jumped into the fray and New India Assurance is considering limited-exposure cover. Though inquiries have just started trickling in, the future is bright, say insurance workers.
K Krishnamurthy, head of underwriting, Bajaj Allianz, who has designed special contingency products, says though he drew inspiration from the covers provided abroad, he had to keep in mind the Indian reality. “Wedding ring insurance is most expensive and sought after abroad but is not so big here. The insurance cover we provide is under six heads, largely, for cancellation or postponement of the event.”
Nita Dhruva, who sells wedding insurance, says, “High net individuals, who are spending Rs 50 lakh to Rs 1 crore, would not mind spending an additional Rs 2 lakh for any eventuality which may disrupt the wedding.”
So far, the highest cover given by Bajaj Allianz is of Rs 10 lakh. “Fortunately, for the insured and us, no claims have come so far,” says Krishnamurthy. Though the idea is finding favour with the younger generation, there is some resistance from the elders. Either, they do not want to hear of inauspicious things like a cancellation or they say, “What is going to go wrong in one day?”
{{/usCountry}}So far, the highest cover given by Bajaj Allianz is of Rs 10 lakh. “Fortunately, for the insured and us, no claims have come so far,” says Krishnamurthy. Though the idea is finding favour with the younger generation, there is some resistance from the elders. Either, they do not want to hear of inauspicious things like a cancellation or they say, “What is going to go wrong in one day?”
{{/usCountry}}Weddings are covered for eventualities like cancellation due to death of either the bride or the groom or of any close blood relative, natural disasters and riot or curfew within 25 km of the venue among others. There is also a personal accident cover against theft.
P Chokhani, assistant manager, New India Assurance, says the company is looking at covering revenue loss due to natural perils.