Marriage Insurance?

Been married for a long time? Good news for such couples! An insurance company in the US has come out with an innovative product that will act as an incentive to stay married for a longer period. The product titled 'Marriage Insurance' offers financial reward to those couples who are married for more than a specified period of time.

At a time when divorce rates are skyrocketing, a financial incentive to stay married sounds highly interesting. In the US the divorce rates are pegged at 4.19%. Urban India saw 43000 divorces in the year 2012. If the couple remains married for a long period they will benefit out of the insurance policy by way of getting a lump sum amount at the end of the policy period. If they seek a divorce before the policy period is over, then the policy will stand cancelled.

The policy is planned by Safeguard Guaranty Corp, US, and the pay out for remaining married for more than 25 years is $1,00,000/-  They are yet to roll out the product as the final details are being worked out

Such innovative products will take time to enter the Indian market as unlike US, the insurance market in India is regulated not driven by by competitive forces of the market. This product is not to be confused with Wedding Insurance, which offers cover for the wedding event and the cost involved in it and any liabilities arising out of the function. Wedding insurance unlike Marriage insurance is being offered in India by most companies and is gaining popularity among the urban upper class Indians as the cost of planning and executing Indian fat wedding is going up day by day.