Fintech innovators unite to launch product for children

Fintech innovators unite to launch product for children | Insurance Business Asia

Insurance News

Fintech innovators unite to launch product for children

Plan focuses on child safety and financial security

Insurance News

By
Roxanne Libatique

The initiative offers an embedded insurance solution aimed at providing comprehensive accident protection for children, coupled with financial education for families. The coverage is exclusively available to subscribers of Vircle’s VISA prepaid card service.

Vircle, renowned for its solutions that cater to the financial management needs of parents, enables the oversight and regulation of children’s expenses through its application and the child-safe VISA prepaid card in Malaysia.

The collaboration with PolicyStreet offers parents in Malaysia who opt for Vircle’s VISA prepaid card an additional layer of financial security, ensuring that their children are covered in the event of accidents.

Yen Ming Lee, co-founder and group CEO of PolicyStreet, highlighted the significance of the partnership.

“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,” he said.

What to expect from Vircle Club Protect

The Vircle Club Protect plan, which comes at a monthly subscription cost of RM5 for the VISA prepaid card, includes an array of benefits designed to provide parents with peace of mind. These benefits include an education allowance that ensures the continuity of a child’s education in the event of the accidental death or permanent total disability of a parent.

Additionally, the plan covers the replacement costs of textbooks lost or damaged due to accidents, ensuring the uninterrupted academic progress of students. Coverage also extends to school or tuition fee reimbursement for up to two weeks if a child is unable to attend school due to an accident-related injury. Vircle Club Protect also extends to accidental dental treatments, kidnapping, permanent disability, and accidental death.

Gokula Krishnan Subramaniam, founder of Vircle, underscored the partnership as an extension of their commitment to fostering financial literacy and inclusivity among Malaysian families.

“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,” he said.

Expanding their reach, PolicyStreet and Vircle are also offering personal accident insurance policies with educational benefits to select partner schools in the Klang Valley, starting at RM 2 per month per student. This initiative aims to bridge the protection gap further and underscores the importance of insurance coverage in mitigating financial strain resulting from accidents.