what is scotia sccp premium

Scotia SCCP Premium is the monthly premium rate for coverage under Scotia Credit Card Protection, an optional insurance product offered by Scotiabank to help customers meet their Scotia Credit Card financial obligations if they are unable to do so. The monthly premium rate for Comprehensive Protection is $1.09 per $100 of the account balance, calculated daily, while the monthly premium rate for Basic Protection is $0.89 per $100 of the account balance, calculated daily until the customers 70th birthday, at which time both bundles reduce to only the Life Benefit at a monthly premium rate of $0.49 per $100 of the account balance, calculated daily. Provincial sales taxes are also added, where applicable. The cost of the insurance coverage can provide a monthly benefit equal to 20% of the monthly outstanding account balance, up to $10,000 per month, for up to 5 months if there is a disruption to the customers work by an employee group to which they belong or if their employer temporarily suspends their employment without ending it during a labor dispute. To apply for Scotia Credit Card Protection coverage, customers need to have an eligible Scotia Credit Card account in good standing, be a resident in Canada, and be a minimum of 18 years of age and under 70 years of age.