Marriage Savings Plans: Planning Early for a Big Fat Indian Wedding
Editorial Team - Nov 20 - 9 min. read
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A wedding is not just a day; it's a grand affair that brings families together, reflects traditions, and leaves an ever-lasting impression. In India, weddings are beyond ceremonies; they are monumental events that symbolise love, heritage, and prosperity. Parents long to host the most lavish weddings for their children, one which reflects their highest aspirations and treasures memories for all time.
But let's face it—those big fat Indian weddings come with a big fat price tag. From opulent venues to designer outfits, elaborate decorations, and multi-course feasts, the costs can really add up to lakhs and even crores. If you want to give your child that wedding of their dreams without causing them financial stress, the secret lies in early planning and strategic saving. That's where Tata AIA's Shubh Muhurat can help.
The Cost of an Indian Wedding Goes Sky High
The Indian wedding industry is among the biggest globally, estimated to be worth more than INR 10.5 lakh crore. Approximately 80 lakh weddings are performed each year. Mid-range weddings reportedly now range from INR 10 lakhs to INR 25 lakhs. Destination weddings with high-end locations could cost even above INR 50 lakhs. This all makes planning financial aspects a total must.
The linked insurance product do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year. Shubh Muhurat Solution is a combination of Tata AIA Life Insurance Fortune Guarantee Secure and Tata AIA Life Insurance Smart Fortune Plus.
Shubh Muhurat is a combination of Tata AIA Life Insurance Fortune Guarantee Secure (Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan) UIN:110N206V02 and Tata AIA Life Insurance Smart Fortune Plus (Unit Linked, Individual Life Insurance Savings Plan)-UIN:110L177V01.
Breakdown of Wedding Costs
If you’re planning a wedding 15-20 years down the line, it’s important to estimate future costs based on current trends. Here’s an approximate breakdown of a destination wedding:
Expense Category |
Approximate Cost (INR) |
Venue and Accommodation |
10,00,000 to 30,00,000 |
Travel (Domestic) |
3,00,000 to 7,00,000 |
Catering |
5,00,000 to 15,00,000 |
Decorations and Themes |
4,00,000 to 10,00,000 |
Photography and Videography |
2,00,000 to 5,00,000 |
Miscellaneous Expenses |
2,00,000 to 5,00,000 |
Total |
25,00,000 to 72,00,000+ |
Having these numbers in mind, a planned approach to saving for the marriage seems inevitable. And this is precisely where Tata AIA's Shubh Muhurat steps in, saving the day by providing you with the finances when the big day actually strikes.
How Shubh Muhurat Helps You Build a Wedding Fund
1. Structured Savings with Timely Payouts
The milestones in planning for a wedding involve a lot of financial milestones. With Shubh Muhurat, you can align payouts with these key milestones, so funds are available exactly when you need them—to book a venue, design outfits, or even travel.
2. Inflation-Proof Wealth Growth
Wedding expenses won't be the same 20 years from now. Shubh Muhurat helps you grow your wealth steadily, ensuring your savings remain ahead of inflation. This allows you to accumulate a sizeable corpus that guarantees a grand wedding experience.
3. Life Cover for Financial Security
Life is unpredictable, and financial security is crucial. Shubh Muhurat provides comprehensive life coverage throughout the policy term, so your wedding savings remain intact even in unforeseen circumstances.
4. MWPA Protection for Your Family
With the Married Women’s Property Act (MWPA), policy benefits remain exclusively for your family, ensuring financial security and protecting the funds from creditors or liabilities.
5. Premium Waiver for Stress-Free Saving
With the Benefit Protect Rider, future premiums are waived in case of any unexpected events. This ensures that your wedding savings plan remains active without interruptions.
6. Tax Benefits for Efficient Saving
By investing in Shubh Muhurat, you enjoy tax benefits on premiums paid and policy payouts as per prevailing tax laws. This means more savings and a bigger wedding fund.
Why Early Planning is Essential
You can begin preparations much earlier and avoid the financial pressure just before the wedding date. Check how early savings will help you plan your big day:
Compounding Growth: Your savings will grow exponentially through compounding when you start early.
Reduced Financial Pressure: Compared to setting aside a large amount over a short period, early planning makes investing manageable.
Flexibility in Decision-Making: With a well-funded wedding plan, you have the freedom to choose premium venues, top designers, and extravagant themes without financial hesitation.
Making Wedding Planning Stress-Free
A wedding should be a time of joy, not financial anxiety. With Tata AIA's Shubh Muhurat, you can make your child's wedding truly special without last-minute financial worries. Whether it's a regal palace wedding, a serene beachside affair, or an international destination, your financial preparedness will ensure a seamless, luxurious experience.
Conclusion
Every parent wants the wedding of his child to be an unforgettable moment. With Tata AIA's Shubh Muhurat, you can make this a reality by planning early and ensuring a structured savings plan. Through timely payouts, inflation-proof growth of wealth, and financial security, you'll be able to celebrate your child's big day with grandeur, joy, and complete peace of mind.
Start planning today with Shubh Muhurat—because every dream wedding deserves a perfect financial foundation.
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