Did You Start Saving for Your Child's Wedding?

The Tuscan wedding of Indian cricket team captain Virat Kohli to actress Anushka Sharma was an event of dreams. If the destination wedding has got you all excited, then this is a good place to find out how you too can get there.

Deciding the destination is the easier part, what follows is a challenge that requires ample planning for the wedding and also the finances to fund the destination wedding. Let’s read a story of two lovers. Suraj and Mona are college sweethearts. Having settled down well in their respective careers, they decided to tie the knot in a few years.

Like many other couples, they wished to get hitched in a romantic locale, one that won’t be a financial setback for their parents. Thus, Mona approached a wedding planner to understand how they can orchestrate a successful budget wedding.

Brand Baja Baraat (BBB), a local wedding planner, was the reference Mona got from common friends. BBB suggested two popular locations Udaipur and Goa. Going by BBB’s back-of-the-envelope calculations, Mona’s wedding should cost anywhere between INR 15 and INR 20 lakhs for hosting around 150 guests for the wedding ceremony and reception dinner, i.e. Rs 10,000 per guest.

For couples with deeper pockets, the destination wedding can get more intricate both arrangement-wise & money-wise.

Since Suraj and Mona just started their career, they do not have enough funds to finance their wedding. Here is where their parents stepped in. Like many other parents, Mona’s parents also had a goal in mind to have a corpus for their child’s wedding. They started investing early as they had two major goals in life, their child’s wedding and their retirement corpus. And it was important that their retirement kitty was treated as sacred and off-limits for the destination wedding. Investing for their child’s wedding simultaneously with their retirement plan ensured that both their life goals are fulfilled. Investing in ULIPs helped them create a corpus to sustain their current lifestyle in their sunset years as well as plan for their child’s destination wedding.

By saving systematically for a goal, and in investments like ULIPs, Mona’s parents gave themselves a better chance of realizing their goals.

Today, of the multiple investment options available in the market, the new-age ULIP like Edelweiss Tokio Life- Wealth Plus is one of its-kind as it encourages goal based savings with its long-term systematic investment option. It can help achieve key life goals as it offers individuals the opportunity to switch between individual funds as per their risk appetite. The charges are transparent and policyholders can avail tax benefit on both premiums paid and returns received. Since long-term market investments tend to yield very attractive returns, the new-age ULIP is ideal for those who would like to invest in a long-term goal, like their child’s destination wedding. Hence by committing to ULIPs, one can rest secure in the knowledge that their life goal will be accomplished over time.

There is great satisfaction in seeing children pursue their any kind of dream. While the costs of pursuing the goal can be overwhelming for the majority of the parents, sound planning and timely goal-based investments in the new-age ULIPs can turn this dream into reality.