Tata AIA Life Insurance has introduced a new life insurance plan called ‘Shubh Muhurat’, designed to help families in India prepare financially for weddings. The plan combines savings, wealth creation, and financial security to address the rising costs of weddings in the country. According to a report by Jefferies, India’s wedding industry is the second largest globally, with over 80 lakh weddings taking place in 2024 and expenditures exceeding ₹10.7 lakh crore. The average wedding cost is around ₹12.5 lakh, which is often higher than expenses on education.
The ‘Shubh Muhurat’ plan targets parents aged 31-50 years with children between 1-20 years, encouraging them to plan financially for their child’s wedding. The policy provides features such as capital guarantee, market-linked investment growth, and life cover to safeguard savings in case of unforeseen events. It also offers planned payouts aligned with various wedding-related expenses, including venue bookings, ceremonies, guest accommodation, and jewellery purchases.
The policy ensures that funds are legally protected under the Married Women’s Property Act (MWPA), providing an added layer of security. Additionally, the plan includes a benefit protection rider that waives future premiums and guarantees maturity benefits to nominees if the policyholder passes away. This ensures that wedding plans can continue without financial strain.
Venky Iyer, MD & CEO of Tata AIA Life, stated that the product is designed to help parents fulfill their aspirations for their child’s wedding, even in challenging circumstances. The ‘Shubh Muhurat’ plan aims to provide financial preparedness and security for families, allowing them to plan and save for their child’s wedding with confidence. By launching this plan, Tata AIA Life Insurance is addressing a significant financial burden faced by many families in India and providing a solution to help them achieve their goals.