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Tata AIA Life Insurance has launched 'Shubh Muhurat' to make wedding savings easier.

Banking & Finance | Dated: 27 Jan 2025

In January 2025, Tata AIA Life Insurance, based in Mumbai, Maharashtra, launched 'Shubh Muhurat,' a life insurance plan designed to help families save for weddings. The plan aims to tackle the growing costs of weddings by combining regular savings, asset growth, and financial security.

🎯 Key Highlights:

  • - According to a report by Jefferies Group LLC, based in New York, the wedding industry in India is the second largest in the world. In 2024, over 80 lakh (8 million) weddings were held, with total expenses exceeding Rs 10.7 lakh crore. The average wedding cost was Rs 12.5 lakh, which is double the amount spent from preschool to graduation.

💡 Other Important Facts:

  • (i) 'Shubh Muhurat' is designed to ease the financial strain on parents aged 31-50 who have children between the ages of 1-20, by offering a life insurance policy that supports wedding savings.
  • (ii) The funds invested in this policy are legally protected under the Married Women's Property Act (MWPA).
  • (iii) The policy also includes a benefit protection rider that waives future premiums and ensures that the policyholder's nominees will still receive maturity benefits if the policyholder passes away. This helps prevent financial difficulties for the family during wedding preparations.

📚 Test Your Knowledge:

Which life insurance company recently launched the 'Shubh Muhurat' plan to make wedding savings easier?

Correct Answer: Tata AIA Life Insurance

🚀 Quick Recap: