MBNA Payment Protection Plan
MBNA Payment Protection Plan for your credit card account can help protect the balance of your credit card account by making payments to your credit card when unexpected events happen in your life.
The following coverage and benefits are included:
| Coverage | Benefit |
|---|---|
|
Monthly benefit payments to a maximum of $25,0001 Monthly benefit payments to a maximum of $25,0001 Payment of up to $25,000 |
Your Total Disability and Job Loss insurance coverages will terminate on the next Account Statement Date after You turn 66 and Your Life insurance coverage will terminate on the next Account Statement Date after You turn 80.
Cost is $1.20 per $100 of your insured balance2 per month, plus applicable taxes, to a maximum of $25,000. Cost will be reduced to $0.60 per $100 after you turn 66. The cost for coverage will be charged monthly to your credit card account.
Our plan also includes other features such as a refund of premiums while receiving monthly benefits and a return to work or normal activities of daily living payment to help you get back on your feet after a covered Total Disability or Job Loss claim. Complete terms of coverage are detailed in the Certificate of Insurance (a copy is available on our website) you will receive upon enrollment. Eligibility requirements, limitations and exclusions apply, and vary by benefit.
1. Monthly benefit payments will be equal to the greater of 20% of the amount owing on your account as of the statement date coinciding with, or if not applicable, immediately before the date of loss and $10.
2. Insured Balance is defined as outstanding account balance, calculated as of the Statement Date if you reside in a Province/Territory other than Quebec, or as Average Daily Balance if you reside in the Province of Quebec as of the Statement Date. Average Daily Balance is calculated by adding the credit card account balance each day and dividing that total by the number of days in the statement period. Statement Date means the last date of the statement period for which Your Account statement is produced.