Women are bestowed with the gift of creating life. This is a magical experience that shifts the focus of an expecting mother to ensure the best life for her child. In this phase, aside from taking care of health, it is important to prepare for the baby financially.
 

The right financial planning for an expecting mother is having a secure savings plan that will look after the monetary concerns during her maternity leave. A pregnant woman is entitled to 26-week maternity leave in India to look after her health. However, in the excitement of becoming a new mother, financial planning takes a back seat.
 

Inadequate and untimely financial planning can seriously impact savings, and the stress of insufficient funds can take a toll on your health. To prevent this from happening, it is recommended to – buy a savings insurance early on.
 

For wholesome financial planning for new parents, it is important to factor in the following things:
 

Duration of the Maternity Leave
 

During pregnancy, working women in India are eligible for maternity leave. Considering the comfort and needs of the expecting mother, the new-born, and the family, there are several policies designed by the government for comprehensive maternity leave in India.
 

Under the Maternity Leave Policy, the expecting mother is paid the entire salary when they break from work to deliver and raise their baby. Formerly, the maternity leave in India was 12 weeks; however, following the amendment to the Maternity Benefit Act, 1961, this has now been raised to 26 weeks.
 

The female employees working in public as well as private sectors are eligible to avail themselves of the maternity leave policy. Surrogate mothers and women who adopt children up to three months old are permitted a 12-week leave. Women who have had more than two children are also permitted a 12-week leave. 
 

When can Women go on Maternity Leave?
 

Usually, maternity leave is availed two months prior to the due date. The structure of the maternity leave policy varies depending on the organisation. Some organisations give a prenatal leave of up to eight weeks, while some others allow new mothers to work from home after their official leave concludes.
 

Why Should Pregnant Women and New Mothers Have Life Insurance?
 

Pregnancy and motherhood are some of the most significant phases of a woman's life. It is a time when a woman's priorities shift, and she begins to focus on her family's well-being, especially her child's. Given the importance of these phases, it is crucial for pregnant women and new mothers in India to have life insurance.
 

Life insurance provides financial protection for the family in case of the mother's untimely death. In case of the unexpected passing of the mother, the life insurance payout can help the family cover various expenses such as household bills, medical expenses, mortgage payments, childcare costs, and other living expenses. The financial support provided by life insurance can help the family cope with the loss of the mother.
 

The policy can also act as an investment in the child's future. The policy's payout can be used to fund the child's education or other significant life events, ensuring that the child's future is secure even if something unfortunate happens to the mother.
 

Life insurance policies for pregnant women or new mothers are often more affordable than policies for other individuals, given that they are usually younger and healthier. By purchasing life insurance during pregnancy or after childbirth, the mother can lock in lesser premium rates, ensuring affordable coverage in the long run.
 

Pregnancy and childbirth can come with some health risks. A life insurance policy can provide coverage against health risks, providing additional financial support to the mother and her family in case of any complications arising from pregnancy or childbirth.
 

Having life insurance provides peace of mind to the mother and her family, knowing that they are financially protected in case of any unfortunate event. This sense of security can allow the mother to focus on her family and her recovery during the postpartum period, without worrying about the financial well-being of her loved ones.
 

By saving in life insurance during pregnancy or after childbirth, mothers can ensure that their family's financial well-being is taken care of in case of any unfortunate event.
 

Buying- Maternity Insurance

 

Offices have started to become inclusive and considerate of the needs of women. Most workplaces in the current times provide health insurance cover for the employees. Usually, these plans extend the protection to the immediate family of the employee and sometimes also ensure coverage for maternity costs.
 

It is essential to read all the insurance documents carefully with an emphasis on the details and the terms associated. This will help ensure whether the maternity costs are included in the cover or not. If the insurance policy does not cover maternity, then it is highly recommended to purchase a maternity insurance policy.
 

This is the first step advised as financial planning for new parents. In addition to this, it is also recommended to have a savings plan to take care of unpredictable future expenses.  
 

Revisiting Your Savings
 

A savings plan aims to address the future financial needs of an individual. New parents have countless dreams for their coming child, and to address them, savings insurance is imperative. It ensures that the future of your child is not compromised in your absence. While the maternity leave will take care of the regular expenses, a pregnant couple is expected to plan for contingency situations. If this is neglected, the arrival of an unexpected situation can adversely affect the savings.
 

Sit with your finances and outline a budget that incorporates chance situations and set aside savings that can come to your rescue. By monitoring your expenses and income, you will be able to prevent any financial crisis from bothering you when you should rest.  
 

Preparing for a Secure Future
 

For new parents, a baby becomes the object of adoration, and several preparations are done to ensure their warm welcome into the world. An expecting mother leaves no stone unturned to ensure that her new-born has the necessary facilities. Right from buying a crib and baby-proofing the house to shopping for their clothes – the preparatory tasks are countless. In addition to these, however, it is important to outline a new budget that incorporates the needs of your toddler.
 

Use your maternity leave to think of what all will be needed in the near future and plan your finances accordingly. For long-term financial planning, experts recommend – having a savings insurance.
 

Tata AIA Life Insurance has flexible and unique offerings that can be chosen to secure the financial future of the family as well as the new baby.
 

Buying - Health Insurance
 

While health insurance is an important financial requirement for every individual, it is especially needed for expecting mothers. New mothers can choose to get a health cover for themselves or have their child included in their health insurance.
 

However, it is advisable to not neglect the financial security of your baby. You can have your baby included in a family floater plan or speak to your HR to extend the employer’s insurance to add the new family member to it. Health insurance for your tiny tot will enhance their financial protection.
 

Spending Time with Your Baby
 

Maternity leave is given to look after two essential things: the health of the mother and the health of the new baby. While you do need to think ahead and plan the financial future of your child, it is also essential to spend quality time with your baby. The formative years of the child are magical, and you get to watch them grow up. These precious moments must be cherished and captured in the memory store, and to enable this, it is important to spend time with them.
 

To conclude, expecting mothers need to take special care of their finances while they take care of their health. Although new parents have their attention pulled in different directions neglecting the financial responsibilities can be harmful to the financial wellbeing of their child. This is because raising a child comes with several expenses that will have to be compromised against your wishes if investments in the right financial tools are not made. 
 

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