Sovereign Trust Insurance Plc has introduced three cheap retail insurance products into the market to cater to the varying needs of insuring public. The three products unveiled in Lagos recently are Sovereign Trust Enhanced Motor Insurance Cover (STEMIC), Sovereign Wellbeing Insurance Scheme for the Family (SWIS-F)and Easy Trip Insurance Cover (ETIC).

This is in keeping faith with the company's vision of being a leading brand in the insurance industry in the country in fulfilment of its mission statement of enhancing the everyday life of its numerous customers and shareholders nationwide.

The company's Managing Director, Wale Onaolapo, addressed journalist at the media launch of the three new products.

Reflecting on STEMIC, which he described as a unique motor car insurance cover, the company's boss said that the product was designed to include a lot more goodies than the usual comprehensive insurance cover.

He stated that this product provides cover for five persons including the driver in the event of accident and the coverage spans across natural and man made disasters, third party death and injuries and property damage.

The major attraction to the insureds in Lagos State buying this product, according to him, is that it guarantees against arrests and sanctions in case of vehicle breaks down on the highway, towing of vehicle at no cost to the insureds and loss of use compensation.

"When the vehicle of any insured breaks down where the vehicle cannot be repaired immediately, the passengers in the vehicle shall the taken to their desired destination along with the vehicle.

"This also ensures that vehicles are not towed by the Lagos State Traffic Management Authority (LASTMA)when there is a breakdown on the road", he said.

"When the insured vehicle is disabled as a result of the occurrence of a peril covered by the policy arising out of any unforeseen circumstances, such that it cannot be immediately repaired, the policy shall provide for either a replacement vehicle or a cash payment of N2,ooo per day and for a maximum period of ten days", Onaolapo added.

SWIS-F, according to Onaolapo, was designed for the well being of the insureds and their respective families in cases of accidents.

It pays a lump sum to ease off the financial burden arising from permanent disability or death of the bread winner in accidents in addition to burial expenses of N100,000 and N20,000 transportation cost.

In addition to the above benefits, SWIS-F pays an out or work benefit where certain parts of the insured is totally or partially ineffective and cannot allow the person to attend to his normal work in addition to repay expenses incurred in respect of medical, surgical and transportation where the insured suffers bodily injury as a result of an accident covered under the policy.

With regard to ETIC, the STI boss explained that the travel insurance products covers loss or damage to personal belongings, cancellation of journey, cutting short of trip, medical and emergency treatment expenses abroad as well as consequential loss and disaster cover.

These new products according to the company's boss are the cheapest in their respective categories in the Nigerian insurance industry and as such, he encouraged Nigerians to patronise them in order to provide adequate cover for themselves and their loved ones.

Sovereign Trust Insurance as presently constituted is the product of a combination between the original Sovereign Trust Insurance Plc, Confidence Insurance Plc, Coral International Insurance Company Limited and Prime Trust Insurance Company Limited. These companies merged their operations as part of efforts geared towards scaling the N3 billion recapitalisation hurdle set for non-life risk underwriting companies by the Federal Government.