News Desk, News Nation 360 : One of the most important events in a family's life, weddings in India are great festivals of culture, love, and sharing joy rather than only being rituals. At the same time, weddings have evolved into social prestige events, which has caused themes and locations to expand over several days or even weeks. Therefore, careful financial planning is necessary to ensure sufficient cash for the event, not only over a few months but over several years. Traditionally, Indians have been relying on gold, fixed deposits, and community savings for the expense of their wedding. The use of real estate investments and traditional savings schemes would supplement this method. However, these methods provide stability and long-term value but lack flexibility and potential for huge wealth growth. Recognizing this need for a more dynamic and secure approach, life insurance solutions come as an alternative. Combining wealth creation with financial security, life insurance plans provide goal-based savings to be disciplined, thereby ensuring the realization of dreams, even when there is no one left to depend on. A report by Jefferies reflects the scale of wedding expenses in India, estimated to be 80 lakh in 2024, amounting to a whopping INR 10.7 lakh crore. The average wedding cost in India has now risen to INR 12.5 lakh, surpassing even education expenses, with luxury weddings often crossing the INR 1 crore mark. In a bid to acknowledge this huge financial burden, Tata AIA Life Insurance, a leading life insurer in India, has launched 'Shubh Muhurat,' an innovative life insurance solution tailored for wedding savings. It is a plan that incorporates a unique combination of features, including capital guarantee with equity exposure, assured benefits to the desired beneficiary, life cover, and immediate death benefits, providing parents with a comprehensive and secure solution to fund their child's dream wedding and create lasting memories.
Pic - Courtesy
