Maternity is the most beautiful phase in not only a woman’s life but also for a family. It enters in a women’s life with so many changes and lasts forever with beautiful memories. With maternity entering your life, one needs to be more secure and responsible for her health, family, and finance as well. We all know that maternity leave is something that all expecting working mothers are entitled to. But there is a step every woman needs to take before she plans to go for maternity leave, which is financial planning. Otherwise, it will leave you with exhausting savings. Improper planning will result in compromising on medical facilities and health conditions. So it will be a wise decision to devise a financial plan before you go on maternity leaves. Make a plan in coordination with your due date to ensure a safe and hassle-free pregnancy period.
Maternity leave in India:
As already discussed, every working woman in India is entitled to maternity leave by the government, as it creates policies assuring the comfort of the expecting mother, baby, and the family. Under a maternity leave, every working woman is entitled to get a full salary while she takes a break to deliver and raise her newborn. In Indian, according to the Maternity Benefit Act, 1961 the duration of maternity leave is 26 weeks. Previously it was 12 weeks, but after much awaited and needed amendments, the period has been extended to 26 weeks. The maternity benefit leaves entitled to female employees of all government as well as the private sector. Also, women who opt for surrogacy and adoption are also entitled to 12 weeks maternity leave for up to three months under the Maternity benefit act, 1961.
The duration to avail the benefit of maternity leave:
Although the leave structure varies from organization to organization, maternity leaves can be availed from eight weeks prior to the due date. However, as an additional benefit, some companies allow their employees to work from home after their maternity leave is over.
The actual key to relief: Maternity insurance:
As we know most of the employers provide health insurance to their employees, which generally covers family as a group insurance plan. But interestingly, these days the plans have started covering maternity costs too. It is always recommended to go through the documents and ask for the benefits which are already there in the market to be sure that you are not missing on anything. If your company doesn’t offer you the maternity insurance cover, keep a check on the market and get insured to get adequate coverage.
The estimation of your saving accounts
We agree that maternity leaves a big benefit for working women as it takes care of your regular cash flows. But still, we recommend you to be prepared for all kinds of unexpected expenses or emergencies that may go beyond your savings. At tough times like this, a little more savings and a careful budget estimation is the saviour which can let you be in peace. To maintain the required amount, be careful and monitor the outflow and inflow of your funds to get an estimate of the amount you will be required, this will help you in avoiding a financial crisis.
Your safer tomorrow is your newborn’s safe today
During the time of your maternity leave, all you need to do is to take care of your health and to restructure and plan your budget in addition to your new little family member. Y
A health insurance plan, a new beginning
Your newborn is your responsibility, hence you should invest in a good, valuable and beneficial health insurance plan for the tiny tot. For example, you can buy a new individual cover or include him or her in your existing family floater health insurance plan. If allowed, you can also include the baby in your existing family insurance cover provided by your employer. Adding a layer of protection to your newborn’s future, it will secure him/her for a longer tenure.
It is an old school thought that only a father takes responsibility for his child. These days when women are earning so much, giving competition to men, in fact leading the world being in top positions, they share equal responsibilities. You can full fill all financial responsibilities just by acting a little smart and concerned. Just getting a good salary is not enough; you need to plan things for emergency situations too. But at the same time, your baby needs all your attention, love, and care as well. The time you spent with the little one when he or she is really little is the time that will never come back, and mark my words, it’s the best time for a mother. Plan your maternity leave well, so that you have to compromise later, neither on finance nor on memories you make. Keep these points on top when you plan a baby and maternity leave so that you will never have to worry about your newborn.
Views expressed in this article are the personal opinion of Naval Goel (CEO & Founder of PolicyX.com).