Tata AIA Life Insurance has launched a new policy called Shubh Muhurat, designed to help parents save for their child’s wedding expenses and ensure financial support in case of the parent’s demise. The policy encourages goal-based investing and offers planned payouts to cover wedding-related expenses, providing a guaranteed lump sum return for financial security. This approach allows parents to accumulate a substantial corpus for wedding expenses, reducing last-minute financial stress.
Shubh Muhurat addresses the traditional methods of saving for weddings, such as gold or fixed deposits, which lack flexibility and significant wealth growth. By combining long-term wealth creation with financial security, the policy helps parents achieve their children’s wedding aspirations. The policy benefits are also safeguarded under the Married Women’s Property Act, ensuring that the funds reach the intended beneficiaries without interference.
According to a report by Jefferies, India hosted over 80 lakh weddings in 2024, with expenses totaling Rs 10.7 lakh crore. Recognizing this significant financial commitment, Tata AIA introduced Shubh Muhurat to help families plan for these milestones. The policy offers several benefits, including capital guarantee with equity exposure, life cover, and immediate death benefits.
The solution is targeted at parents aged 31 to 50 years, with children between 1 and 20 years old. Early investment allows parents to accumulate a substantial corpus for wedding expenses, ensuring funds are available when needed. Shubh Muhurat provides planned payouts for expenses such as venue bookings, ceremonies, food, jewelry, and guest accommodations, promoting long-term wealth growth through market-linked investments.
The policy also includes a Benefit Protection Rider, offering immediate death benefits, premium waivers, and maturity benefits even in the absence of the insured. Shubh Muhurat ensures that wedding aspirations are fulfilled despite challenges, making wedding planning a stress-free experience. As part of Tata AIA’s Shubh Solutions suite, the policy aims to empower Indian families to celebrate life’s milestone events without financial strain. overall, Shubh Muhurat provides a comprehensive solution for parents to plan and save for their child’s wedding expenses, ensuring financial security and peace of mind.