Frequently Asked Questions

Q. What is the difference between savings and investments?

Savings are low risk funds set aside for short term needs, while investments are designed to grow your money over a longer period and may involve different levels of risk. 

Q. Which is better for beginners, savings or investment plans?

Beginners often start with a savings plan for security, then move into investment products as they build confidence.

Q Can I combine savings and investment in one plan?

Savings and investment are separate plans. With a Savings Plan, you can make monthly payments or contribute whenever you have funds available, depending on the plan. An Investment Plan requires a one-time payment, and your money remains invested for the agreed investment period.

Q. How much should I keep in savings versus investments?

 A common approach is to keep 3 to 6 months of expenses in savings before investing beyond that.

Q. Are savings and investment plans regulated in Nigeria?

Yes. Savings and investment plans offered by insurers are regulated by NAICOM, while securities and investment products that fall within the capital market are regulated by the SEC Nigeria.

Q. What returns can I expect from a savings and investment plan?

Returns vary by product, with savings plans offering modest, stable growth and investment plans offering higher, less predictable returns.