Meet the Hefty Wedding Costs of Your Child with a Child Plan
Wedding is certainly one of the most anticipated
occurrences of anyone’s life. It’s an occasion when two
individuals unite as one with a promise to remain united
forever. In our country, weddings are considered
auspicious and involves many rituals and ceremonies. As
a parent, it’s our responsibility to make this “Big Day”
of our son/daughter’s life a memorable one for them as
well as for the guests who attend it.
What is the average cost of wedding in India?
An average Indian wedding usually costs lakhs of rupees
which can even go up to several crores. Let’s look at
some of the most common expenses that go behind an
Indian wedding.
01Venue of the Wedding
Booking a venue for the wedding forms one of the major expenses of a marriage ceremony. Depending upon the type of venue and luxury factor, it may cost you anywhere from thousands to lakhs to even few crores of rupees. For example, in a tier -1 city like Pune, an open venue for a day for around 1000 to 1500 people can cost you approximately Rs. 3 lakhs1.
02Decoration
Merely booking a hall will not do. You will also have to spend a significant amount for its decoration. Depending upon the size of the venue, a simple elegant decoration set-up of a wedding hall may cost around Rs. 1,50,0001. If you want a lavish set-up for your son/daughter’s wedding, you may have to shell out even more.
03Catering service
Some wedding reception halls may include the catering fees in their booking package. But in case the venue provider doesn’t offer catering services, you may have to find a good caterer which can provide best quality food to the guests. However, availing the services of a good caterer can cost you somewhere around Rs. 600 to Rs 1000 per plate1, depending upon the quality, quantity and type of cuisine you prefer.
04Wedding attire, jewellery etc.
You definitely want your son or daughter to look like a prince or princess on his/her special day. A wedding lehenga for the bride costs somewhere around Rs. 25,000 to Rs. 1,00,0001, depending upon the budget. Whereas, the groom’s sherwani costs almost an equal amount or may be a little less. Additionally, the cost of make-up, jewellery, and dresses for other occasions like mehendi, sangeet etc. may swell up the budget.
05Vendors etc.
You will also have to acquire the services of vendors such as photographers, videographers, event planners, rental car providers, DJ artists etc. to ensure that your son/daughter’s wedding day becomes memorable. Hiring these services will swell up your wedding budget by few more lakhs. Additionally, you can also keep aside a sum for miscellaneous expenses that may pop-up during the ceremony.
How to plan for these expenses with a child plan?
A child plan is an insurance-cum-savings plan which can
help you to plan for your child’s marriage and create a
large corpus for him/her. It’s prudent to start savings
in a child plan as early as possible to accumulate a
large corpus by the time your child becomes ready for
marriage.
You can save fixed amount of money in a child plan at
periodic intervals to accumulate the corpus.
For
example Aditya Birla Sun Life Insurance Child’s Future
Assured Plan gives you an option to save for your
child’s marriage milestone and get the guaranteed corpus
as and when required. If you are 35 yrs old, by saving
Rs. 8334 per month for a period of 10 years in a child
plan, you would be able to create a corpus of Rs. 21.65
lakhs at the time of maturity with a guarantee
Moreover, in an unfortunate event of the Life Insured,
all future premiums of this plan get waived off and
policy continue for the child to receive the guaranteed
corpus when due. Also nominee is provided with an option
to receive the amount in lump sum on death and close the
policy.
1Source: tradebrains
For our readers, a few articles
Here are a few guides that try to simplify planning.