Destination Wedding – How to Save Money for a Dream Wedding?
Editorial Team - Nov 20 - 9 min. read
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A wedding is one of the most magical and memorable events in life, especially for parents who dream of giving their child the perfect start to their married life. For many, the vision of a grand destination wedding, filled with love, laughter, and luxurious celebrations, is a cherished dream. Whether it’s a royal palace in Rajasthan, a serene beach in Goa, or an exotic international locale, such a wedding is a reflection of love and aspirations.
But dreams like these require thoughtful planning and preparation. While the idea of a grand wedding for your child might seem far off, starting to save early can make it a reality without financial stress. Imagine being able to fulfil every detail of your vision—from bespoke decorations to gourmet dining—without having to compromise. With Tata AIA’s Shubh Muhurat, this dream can be brought to life with ease and confidence.
The Need for Financial Planning for a Wedding
In India, weddings are not only personal milestones but also grand social events. They are an opportunity to celebrate tradition, family, and success. The Indian wedding industry is among the largest in the world, with costs rising every year due to inflation and increasing aspirations. A report by Jefferies reveals that over 80 lakh weddings in 2023 alone contributed to a total spend of INR 10.5 lakh crore. For mid-level weddings, which form the majority, the cost range is between INR 10 lakhs and INR 25 lakhs. Destination weddings can be more expensive, even crossing INR 50 lakhs.
In preparation for such a milestone, you need to save more than the money. Instead, you would want a strong financial plan that can make your money grow over time and keep it safe. And this is precisely where Tata AIA's Shubh Muhurat comes into the picture and provides a one-stop solution that saves and grows wealth for this special event.
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.
How Much Does a Destination Wedding Cost?
The cost of a destination wedding varies widely based on location, guest list, and preferences. Here’s an approximate breakdown to give you an idea:
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+ |
These costs highlight the importance of early and effective financial planning to ensure you can fulfil your vision without compromise.
How Shubh Muhurat Makes Your Dream Wedding Possible
1. Planned Payouts Aligned with Milestones:
One of the most attractive features of Shubh Muhurat is its planned payouts. These are designed to occur along with key milestones, ensuring you have funds ready exactly when you need them. Whether it’s booking the venue, paying for accommodations, or arranging travel for guests, you can plan confidently knowing the funds are already taken care of.
2. Long-Term Wealth Growth:
Shubh Muhurat provides the dual benefit of life insurance and wealth growth. By investing early, your money grows steadily over time, and this helps you build a substantial corpus for the wedding. What this means is even when the wedding costs increase due to inflation, your savings remain ahead.
3. Comprehensive Life Coverage:
Life is unpredictable, and you know that protecting your family’s financial future is essential. Shubh Muhurat offers life coverage throughout the policy term. This makes sure that your plans for a grand wedding remain intact no matter what.
4. Security Under MWPA:
To add an extra layer of protection, Shubh Muhurat benefits can be secured under the Married Women’s Property Act (MWPA). This ensures that the policy benefits are bookmarked exclusively for your family and remain protected from creditors or lenders.
5. Premium Waiver for Unforeseen Situations:
With the Benefit Protect Rider, future premiums are waived in case of unforeseen events. As a result, the policy continues without interruptions. This feature guarantees that the wedding plans stay on track, no matter the circumstances.
6. Tax Benefits for Maximised Savings:
Shubh Muhurat also offers tax benefits on both premiums paid and policy payouts, as per prevailing tax laws. This means you save more. In other words, your funds will grow faster and be utilised fully for the wedding.
Why Choose Shubh Muhurat for Wedding Planning?
Peace of Mind: Know that your child’s wedding is financially secure, giving you complete peace of mind.
Tailored to Aspirations: The plan is designed for families who dream big and wish to make their child’s wedding a grand and unforgettable event.
- Flexible and Reliable: With features like planned payouts, long-term growth, and premium waivers, the plan offers unmatched flexibility and reliability.
Conclusion
Your child’s wedding is a moment of pride and joy, a celebration of love and family. With Tata AIA’s Shubh Muhurat, you can transform this dream into a reality, ensuring that every detail is as grand as you envision it. By starting early and investing wisely, you can save enough to create a wedding that’s truly magical, without any financial worries.
Let your dreams soar—because with Shubh Muhurat, the possibilities are endless.
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