Mumbai: Weddings in India are more than just ceremonies—they are grand celebrations of culture, love, and sharing happiness, marking one of the most significant milestones in a family’s life. At the same time, weddings have become a matter of social status, leading to the emergence of themes and destinations spreading over days and even weeks. As a result, ensuring adequate funds for the occasion requires meticulous financial planning, not just over a few months but over many years.
Historically, Indians have relied on gold, fixed deposits, and other community saving methods to prepare for wedding expenses. Investments in real estate and traditional savings schemes have also been common, offering stability and long-term value. However, these options often lack flexibility or the ability to grow wealth significantly over time.
Here is why life insurance solutions can provide a disciplined approach to goal-based savings. They combine wealth creation with financial security, ensuring the child’s wedding aspirations are fulfilled even in unforeseen circumstances.
A report by investment banking and capital market firm Jefferies highlights that India hosted over 80 lakh weddings in 2024, making the Indian wedding system the second largest globally, with an estimated spend of INR 10.7 lakh crore. On average, Indian weddings cost around INR 12.5 lakh—twice as much as the expenditure on education from preschool to graduation. Luxury weddings dominate the market, with expenses often rising above INR 1 crore.
Recognising the significance of weddings and their monetary impact on consumers, Tata AIA Life Insurance (Tata AIA), one of India’s leading life insurers, has introduced ‘Shubh Muhurat,’ an innovative life insurance solution. It features capital guarantee with equity exposure, certainty of benefits to the desired beneficiary, life cover, immediate death benefit, and more to help parents save for their child’s dream wedding and ensure the occasion becomes memorable for a lifetime.
Commenting on the launch, Venky Iyer, Managing Director & Chief Executive Officer, Tata AIA, said: “At Tata AIA Life, we endeavour to understand and address the unique needs of our consumers based on their life stages. Further, we understand the significance of weddings for parents. A marriage is not only a celebration of love and togetherness but also a testament to familial emotion and aspirations. Shubh Muhurat is intended to help families plan well in advance.”
“Also, we wanted to provide a solution that in the unforeseen event of the loss of life of the parent, the goal is protected. With Shubh Muhurat, we aim to help families confidently plan these joyous moments and ensure that they are taiyaar (prepared) to celebrate one of the most important milestones in their life.”
This solution is best suited for parents aged between 31 and 50 years, having children in the age group of 1 to 20 years. Investing in this solution early can give the parent long enough to accumulate the desired corpus for the child’s grand wedding.
