Tata AIA Life Insurance has introduced Shubh Muhurat, a life insurance plan aimed at helping parents save for their child’s wedding, while providing financial protection for the family in the event of the parent’s unforeseen passing. According to the company, as families have traditionally relied on gold and fixed deposits, Shubh Muhurat offers a solution that combines financial security and long-term growth to support wedding expenses.
According to a report by Jefferies, weddings in India have grown into a massive industry, with over 80 lakh weddings celebrated annually and an estimated spend of Rs 10.7 lakh crore. The average cost of an Indian wedding is around Rs 12.5 lakh, nearly double the amount spent on education. With luxury weddings often exceeding Rs 1 crore, planning for such expenses well in advance is essential.
With its new product, Tata AIA encourages parents aged 31 to 50 who have children between the ages of 1 and 20 to use long-term financial planning to save for life events such as their child's wedding.
Tata AIA Life Insurance highlights its focus on providing financial assistance to parents planning their child’s wedding. The life insurance solution combines guaranteed returns with market-linked growth, offering security against market fluctuations. Along with important features including immediate death benefits, premium exemptions, and maturity benefits through the Benefit Protection Rider, it also guarantees capital protection with equity exposure. Also, Shubh Muhurat ensures the funds for the child's wedding are safeguarded by the Married Women's Property Act (MWPA), providing beneficiaries with legal protections.
Venky Iyer, Managing Director & Chief Executive Officer, Tata AIA, says: "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. 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 well-prepared to celebrate one of the most important milestones in their lives."
Alongside Shubh Muhurat, Tata AIA has also introduced Shubh Fortune, a solution that supports families through a range of financial goals, including education and homeownership.
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