In line with its effort to enhance financial security for Malaysian families, PolicyStreet partners with neobanking service provider Vircle to introduce Vircle Club Protect—an exclusive embedded coverage “for children available to all Vircle VISA prepaid card subscribers.”
Vircle, known for its parent-friendly e-money solutions, “empowers parents to seamlessly oversee and manage their child’s expenses through the Vircle app and Malaysia’s first child-safe VISA prepaid card.”
Expanding on its offering by teaming up with PolicyStreet, parents across Malaysia who sign up for the VISA prepaid card with Vircle can enjoy “the added assurance that their children receive financial protection when accidents happen, big or small.”
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.”
Parents who sign up for Vircle’s VISA prepaid card for their children, which is priced at RM5 per month, “are entitled to enjoy Vircle Club Protect, the complimentary embedded protection for children, including an Education Allowance.”
This ensures uninterrupted schooling “for the child in case of accidental death or permanent total disability of either parent.”
PolicyStreet also reimburses parents “in case of textbook loss or damage due to an accident, guaranteeing the seamless continuation of the student’s education. Furthermore, the coverage extends to compensate school or tuition fees for two consecutive weeks if the child is unable to attend school due to an accident-related injury.”
Ensuring no aspect is overlooked in safeguarding your child’s well-being, Vircle Club Protect’s comprehensive coverage also “includes accidental dental treatment, kidnapping, permanent disability, and accidental death resulting from accidents.”
Founder of Vircle, Gokula Krishnan Subramaniam says:
“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.”
In a move to further narrow the protection gap “beyond Vircle users, the fintech duo is also extending the Personal Accident insurance policies with education protection benefits to select Vircle partner schools in Klang Valley from as low as RM 2 a month per student.”
Accidents may be inevitable, but financial strain doesn’t have to be.
The dynamic collaboration aims “to not only bolster financial inclusivity among Malaysians but also provide parents and students alike with first-hand experience on the importance of being insured.”