Family matters

• Parents looking to equip their children with financial literacy and security can now turn to 500-backed neobank Vircle. 
• The team collaborated with insurtech company PolicyStreet to launch ‘Vircle Club Protect’, a new insurance service designed to provide financial security for children in Malaysia.
• This service is tied to Vircle’s Visa prepaid cards for kids, which allows parents to monitor and control their child’s spending through Vircle’s app. 
• It adds a new layer of financial protection for children against accidents. Coverage includes 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.
• It also extends to accidental dental treatments, kidnapping, permanent disability, and accidental death. Personal accident insurance policies with educational protection benefits are also available to students at select partner schools in the Klang Valley, starting at RM2 (~US$0.42) per month per student.
• Founder Gokula Krishnan Subramaniam 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,” he added.
• Read the full story here.