Malaysian insurtech company PolicyStreet and Vircle, a Malaysian neobanking service provider for kids, have joined forces to launch “Vircle Club Protect,” a new insurance service designed to offer financial security for children of Malaysian families who subscribe to the latter’s VISA prepaid card.
Vircle offers a VISA prepaid card that allows parents to monitor and control their child’s spending through its app. This collaboration with PolicyStreet adds a new layer of security, offering financial protection for children against accidents.
The service, dubbed Vircle Club Protect, is included with the subscription to Vircle’s child-safe VISA prepaid card, which costs RM5 per month.
It covers various contingencies, including an education allowance in the event of a parent’s accidental death or permanent disability, compensation for lost or damaged textbooks due to accidents, and coverage for school or tuition fees if the child cannot attend school due to an injury related to an accident.
Moreover, the coverage also extends to accidental dental treatments, kidnapping, permanent disability, and accidental death.
Additionally, PolicyStreet and Vircle are expanding their reach by offering personal accident insurance policies with educational protection benefits to students at select partner schools in the Klang Valley, starting at RM2 per month per student.
Yen Ming Lee, Co-founder and Group Chief Executive Officer said,
“PolicyStreet’s collaboration with Vircle is not just about improving financial inclusivity; it’s about acknowledging the realities of starting a family. Accidents happen, and while they might not land children in the hospital, they sure land parents with unexpected outpatient costs.
PolicyStreet’s embedded insurance coverage steps in to ease this burden, ensuring comprehensive protection for students engaging in the everyday adventures of childhood.”
Gokula Krishnan Subramaniam, Founder of Vircle said,
“Our partnership with PolicyStreet extends our leadership and commitment to nurturing financial literacy and inclusivity among Malaysians to include a safety net for children in times of need, all while offering parents the peace of mind they truly deserve.
The seamlessly embedded coverage is intricately tied to Vircle’s VISA prepaid card, ensuring no extra forms or opt-ins – just added protection for those unexpected moments, like when a game of football turns into an unplanned tumble.”
