Setting default alarm for events in Lightning (Thunderbird Calendar)

With new Lightning version 0.9, I had started facing a problem where if an event was created or sent to me by someone, which did not have default alarm set, there wont be any alarm going off before the event.

It was probably my sheer laziness that I never really looked for an option for this, If you are facing a same problem here is how to fix it,

go to
Edit -> Preferences -> Lightning -> Alarms and set the "Default alarm setting for events" to "On"