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Weddings in India are more than just ceremonies—they are grand celebrations of culture, love, and happiness, marking a significant milestone in family life. However, as weddings grow in scale, often spanning days or even weeks with luxurious themes and destinations, the financial burden can be overwhelming. Securing enough funds for such an occasion requires careful financial planning, sometimes spanning years rather than months.
Historically, Indian families have relied on gold, fixed deposits, and other community saving methods to fund wedding expenses. Real estate investments and traditional savings schemes also offer stability and long-term value but often lack flexibility or potential for significant wealth growth.
Recognising this, Tata AIA Life Insurance (Tata AIA), one of India’s leading life insurers, has introduced ‘Shubh Muhurat’, a new life insurance solution aimed at helping families save for their children’s dream weddings. The solution combines capital guarantee with equity exposure, life cover, and immediate death benefit, ensuring the wedding fund remains intact even in unforeseen circumstances.
A report by Jefferies, an investment banking and capital markets firm, revealed that over 80 lakh weddings took place in India in 2024, making India’s wedding industry the second largest globally, with a total spend of INR 10.7 lakh crore. The average cost of an Indian wedding is INR 12.5 lakh, which is twice the expenditure on education, from preschool to graduation. Luxury weddings can often exceed INR 1 crore in costs.
Commenting on the launch, Venky Iyer, Managing Director & Chief Executive Officer of 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.”
He added, “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 ideal for parents aged between 31 and 50 years with children aged between 1 and 20. Early investment in Shubh Muhurat provides parents with ample time to build the necessary corpus for their child’s grand wedding.
