Tata AIA Life Insurance has introduced a new life insurance product called “Shubh Muhurat” designed to help families save for their children’s weddings. This hybrid product offers a unique combination of capital guarantee through debt exposure and wealth creation through equity exposure, providing a safeguard against wedding-related expenses. The plan is tailored for parents with children between the ages of 1 and 20, aiming to alleviate financial concerns associated with one of the most significant milestones in a family’s life.
The “Shubh Muhurat” plan comes with several features, including planned payouts, protection under the Married Women’s Property Act (MWPA), and a protection rider. In the event of the policyholder’s demise, the plan provides immediate financial assistance, waived premiums, and a maturity benefit to nominees. This comprehensive coverage ensures that the family’s financial well-being is secured, even in unforeseen circumstances.
According to Venky Iyer, MD & CEO of Tata AIA Life, the idea behind “Shubh Muhurat” is to enable families to plan ahead and celebrate their children’s weddings without financial worries. Citing a report, Iyer noted that India hosted over 80 lakh weddings in 2024, with an estimated expenditure of Rs. 10.7 lakh crore. This staggering figure highlights the significance of wedding expenses in Indian families and the need for a dedicated savings plan.
By launching “Shubh Muhurat,” Tata AIA Life Insurance aims to address this need and provide families with a reliable and flexible savings solution. The product’s hybrid structure allows policyholders to balance their investment between debt and equity, ensuring a steady accumulation of wealth over time. With its unique features and benefits, “Shubh Muhurat” is poised to become a popular choice among parents seeking to secure their children’s financial future and make their wedding celebrations truly special.