The meditation events can increase either your own or heir's skill (some can even spawn heirs with awesome stats!). They seem to mostly give +2 in a single value although I haven't dug through the files to see all their effects.
Regencies are slightly less painful for Hindu leaders because regencies can still pick a deity. This means you can choose one of the less popular deities like Ganga, Ganesha or Vishnu which have really focused bonuses that are great at consolidating your realm during peacetime. It also means you're only stuck with these deities for a maximum of 14 years before you go back to standard Shakti, Surya or Shiva worship.
This of course is all assuming that you have WoN. If you don't hinduism is as awful as the other eastern religions and you should rush for christian or muslim asap.