Insurance policies may not appear very appropriate as wedding gifts because they relate to a very unpleasant situation. But it can be a very useful gift for the bride. If the groom is around 30 years old, a term insurance cover of Rs 1 crore for 30 years will cost around Rs 8,000-10,000 per year. Tell them that you are paying the first year's premium and they will have to renew the plan in the following years.
Term plans are often considered a waste of money because there is no maturity value. If the couple shares this view and might discontinue the policy after a few years, go for a single premium plan. The entire premium is paid at one go, so there is no chance of the policy lapsing. But single premium plans are very costly. If your budget is smaller, go for a lower cover and shorter tenure of 20 years. Keep in mind though that an insurance cover should not end when one is his 40s or 50s because because that is the time he needs it most.
Insurance as wedding gift How much will it cost
Life insurance Age: 30 years Term: 30 years Medical insurance
Similarly, a health insurance policy for the couple is a perfect wedding gift. If the couple plans to start a family in about 2-3 years, you can even give them a policy that covers maternity expenses. Such policies have a waiting period of 18-24 months before maternity expenses get covered. A health cover of Rs 5 lakh, which also includes maternity expenses, will come for around Rs 12,000 a year.
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