Tata AIA Life launches ‘Shubh Muhurat’ to aid wedding financial planning – CNBC TV18

Tata AIA Life Insurance has launched ‘Shubh Muhurat’, a life insurance solution designed to help families prepare financially for weddings, a major life milestone in India. . The scheme aims to address the rising cost of weddings by combining disciplined savings, wealth creation and financial security.

According to a report by Jefferies, India’s wedding industry, the second largest globally, is expected to host more than 80 lakh weddings in 2024, with an expenditure of more than ₹10.7 lakh crore. The average wedding cost of ₹12.5 lakh often exceeds the expenditure on education.

Recognizing this financial burden, Tata AIA’s new offering targets parents aged 31-50 years and parents with children aged 1-20 years, encouraging long-term financial planning.

The policy offers features like capital guarantee, market-linked investment growth and life cover to protect savings in case of unexpected events. It offers tailored payments to cover various wedding-related expenses, including venue booking, ceremony, guest accommodation and jewelery purchase.

The policy also ensures that the money is legally protected under the Married Women’s Property Act (MWPA).

Commenting on the launch, Venky Iyer, MD and CEO, Tata AIA Life, said, “Weddings are important life events, and planning them requires careful financial preparation. This product ensures that parents Are financially prepared to fulfill their aspirations for their child’s marriage.” Under challenging circumstances.”

Additional features include a benefit protection rider that waives future premiums and guarantees maturity benefits to nominees if the policyholder dies. This ensures continuity of wedding plans without financial stress.