Best SIP Plans to Invest in India in 2024

SIPs for Non-Resident Indians (NRIs) are investment products that enable NRIs to invest in ULIPs or mutual funds systematically. NRIs can contribute fixed amounts regularly, into funds of their choice. SIPs offer NRIs the flexibility to invest in Indian markets and benefit from rupee cost averaging, enabling them to build wealth gradually over time while managing market volatility.

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Systematic Investment Plan (SIP)
CATEGORY SIP By Insurance Companies SIP By Fund Houses
RETURNS+ (Past 5 Years) 20% 21%
LIFE COVER
TAX SAVING
Under 80C
On all plans
Only on ELSS
TAX
FREE MATURITY
BENEFIT
Under 10(10D)^

+The Returns are 5 years category average returns of the mid-cap fund's category as of 26 March 2024, as per moneycontrol. Source URLs- Please check the Disclaimer tab at the bottom.

Best SIP Plans in India in 2024 for NRIs

In 2024, top SIP plans in India for NRIs offer attractive returns, minimal expense ratios, and steady performance. These plans, provided by Fund Management Companies, facilitate long-term wealth accumulation through disciplined investing. A variety of SIP-based investment choices, including ULIPs, are accessible for NRIs seeking to invest in India. Below are the list of best SIP Plans in India for NRIs:

  • Insurance Companies
  • Mutual Funds
Returns
Fund Name 3 Years 5 Years 10 Years
Top 200 Fund Tata AIA 23.15% 27.3%
19.47%
View Plan
Virtue II PNB Metlife 21.78% 23.76%
17.76%
View Plan
Pure Equity Birla Sun Life 18.83% 19.17%
16.34%
View Plan
Growth Opportunities Plus Fund Bharti AXA 17.85% 18.97%
15.65%
View Plan
Pure Stock Fund Bajaj Allianz 17.49% 18.39%
15.52%
View Plan
Blue Chip Fund HDFC Standard 14.09% 14.83%
12.85%
View Plan
Growth Super Fund Max Life 14.38% 15.26%
12.72%
View Plan
Multi Cap Growth Fund ICICI Prudential 15.63% 13.98%
12.51%
View Plan
Equity Fund SBI 14.73% 14.91%
12.42%
View Plan
Growth Plus Fund Canara HSBC Oriental Bank 12.78% 12.27%
10.7%
View Plan

Updated as on January 2024

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Returns
Fund Name 5 Years 10 Years RSI
Active Fund QUANT 27.62% 23.96%
21.08%
Large and Mid Cap Fund QUANT 23.27% 22.69%
19.64%
Flexi Cap Fund PARAG PARIKH 23.90% 20.22%
20.15%
Large and Mid Cap Fund EDELWEISS 20.32% 18.01%
16.76%
Equity Opportunities Fund KOTAK 20.22% 18.98%
17.44%
Large and Midcap Fund MIRAE ASSET 21.11% 24.56%
23.01%
Flexi Cap Fund PGIM INDIA 21.48% -
15.13%
Flexi Cap Fund DSP 19.48% 17.73%
15.82%
Emerging Equities Fund CANARA ROBECO 18.91% 22.92%
20.84%
Focused fund SUNDARAM 18.22% 16.55%
15.16%

Updated as on January 2024

Compare more funds

Best SIP Plans for NRIs in Detail

A ULIP is a market-linked investment option for NRIs. This plan integrates life insurance benefits with potential market-linked returns through mutual fund investments. NRIs can explore these high-return investment options to potentially earn significant gains over the plan's tenure. You can estimate returns using Policybazaar’s SIP Calculator for market-linked insurance plans.

Here are the details of top best SIP plan funds for 5 years sorted as per annualised returns.

  1. Tata AIA Top 200 Fund

    The TATA AIA Top 200 Fund is a large-cap equity fund under the best SIP plans offered by TATA AIA Asset Management. This fund invests in the top 200 companies by market capitalisation in India, making it a diversified option for long-term investors seeking exposure to the Indian market's leaders.

    Features of Tata AIA Top 200 Fund:

    • Investment Objective: To invest in chosen stocks and equity-linked instruments from the BSE 200 Index, aiming for long-term capital growth. While not mirroring the index, the fund strives to outperform its performance. In response to market conditions, the scheme may also include investments in debt and money market instruments as a defensive strategy.

    • Fund House: TATA AIA Asset Management (a joint venture between Tata Mutual Fund and AIA Group)

    • NAV: ₹144.21 (as of 05 Jan 2024)

    • Benchmark: S&P BSE 200

    • Returns:

      • 5 Year: 26.8%

      • 10 Year: 21.1%

    • Assets under Management (AUM): ₹1,418 crores

    • Fund Manager: Nitin Bansal

  2. Max Life High Growth Fund

    MAX LIFE High Growth Fund is a multi-cap fund with a primary focus on mid-cap stocks with high growth potential over the long term. This fund, provided with the best SIP plans of Max Life, can be a good option for investors seeking aggressive long-term capital appreciation and comfortable with higher risk associated with mid-cap stocks.

    Features of Max Life High Growth Fund:

    • Investment Objective: To concentrate on mid-cap equities, emphasizing companies with substantial long-term growth potential to achieve higher capital value. A minimum of 70% of the Fund is consistently invested in equities. The remaining portion is allocated to government securities, corporate bonds, and money market instruments, adding a relatively higher level of risk.

    • Fund House: MAX LIFE Insurance Co. Ltd.

    • Fund Manager: Currently managed by Saurabh Kataria and Naresh Kumar

    • Benchmark: NIFTY Midcap Free Float Index

    • Assets under Management (AUM): ₹42.1 billion

    • NAV: ₹88.58 (as of 05 January 2024)

    • Returns:

      • 5-Year Returns: 25.2%

      • 10-Year Returns: 19.5%

  3. HDFC Standard Life Discovery Fund

    HDFC Standard Life offers the HDFC Standard Life Discovery Fund with its various market-linked best SIP plans. This fund is designed to explore and capitalise on emerging trends, with the aim to provide you with a strategic and forward-looking approach to wealth creation.

    Features of HDFC Standard Life Discovery Fund:

    • Investment Objective: Generate long-term capital appreciation through investments in a diversified portfolio of equity and equity-related instruments across market capitalisations.

    • Managed by: HDFC Standard Life Mutual Fund

    • Fund Manager: Chirag Mehta

    • NAV: ₹345.25 (as of Jan 8, 2024)

    • Returns: 

      • 5-Year Return: 24.6%

      • 10-Year Return: NA

    • Benchmark: S&P BSE 250

    • AUM: ₹12345.67 Crore

  4. Aditya Birla Sun Life Individual Multiplier Fund

    BIRLA SUN LIFE Individual Multiplier Fund is a high-performing market linked plan - based fund offered under various Birla Sun Life best SIP plans. It is an open-ended investment fund that aims to provide capital appreciation along with life insurance cover, making it a popular choice for investors seeking growth with some security.

    Features of Aditya Birla Sun Life Individual Multiplier Fund:

    • Investment Objective: To maximise long-term wealth by actively managing a diverse equity portfolio, primarily focusing on companies with a market capitalisation of around Rs. 1000 crores and above.

    • Multi-investment style: Invests in large-cap growth stocks, making it suitable for moderate-risk investors.

    • NAV (Net Asset Value): ₹81.91 (as of 05 January 2024)

    • Assets under Management (AUM): ₹37.5 billion

    • Benchmark: Nifty Midcap 100 & Crisil Liquid Fund Index

    • Fund Manager: Bhaumik Bhatia

    • Returns:

      • 5-Year Returns: 19.2%

      • 10-Year Returns: 20.4%

  5. Bajaj Allianz Accelerator Mid-Cap Fund II

    Bajaj Allianz Accelerator Mid-Cap Fund II is an open-ended fund offered under different Bajaj Allianz Life Insurance best SIP plans. The fund invests in a portfolio of mid-cap Indian companies with a focus on large growth stocks.

    Features of Bajaj Allianz Accelerator Mid-Cap Fund II:

    • Investment Objective: To provide capital appreciation over the medium to long term by investing in a diversified portfolio of mid-cap stocks with a growth bias.

    • Fund Management: Bajaj Allianz Life Insurance Ltd.

    • Investment Style: Large Growth 

    • NAV (Net Asset Value): ₹70.96 per unit (as of 05 January 2024)

    • Asset Under Management (AUM): ₹5,451 crores

    • Benchmark: NIFTY Midcap 50 Index

    • Fund Manager: Anshul Mishra

    • Returns:

      • 5-Year Returns: 17.1%

      • 10-Year Returns: 18.9%

  6. ICICI Prudential Opportunity Fund

    ICICI Prudential Opportunity Fund is an investment fund offered by ICICI Prudential Life Insurance under its market-linked best SIP plans. This fund aims to achieve long-term capital appreciation by strategically identifying and investing in promising opportunities across various sectors.

    Features of ICICI Prudential Opportunity Fund:

    • Investment Objective: to achieve excellent long-term returns by investing in a diverse portfolio of stocks and equity-related instruments. We focus on companies in four key industries: Resources, Investment-related, Consumption-related, and Human Capital leveraged industries.

    • Fund House: ICICI Prudential Mutual Fund

    • Fund Manager: Jitendra Arora

    • NAV (as of Jan 5, 2024): ₹29.73

    • Assets under Management (AUM): ₹2.635 Billion

    • Benchmark: BSE 200 Index

    • Returns:

      • 5-year Return: 15.9%

      • 10-year Return: 14.8%

  7. PNB MetLife Virtue II Fund

    The PNB MetLife Virtue II Fund is a unique equity fund targeting long-term capital appreciation by investing in companies promoting healthy lifestyles and enhancing quality of life.

    Features of PNB MetLife Virtue II Fund:

    • Investment Objective: To achieve lasting capital growth by investing in a diverse portfolio of equities from companies that promote a healthy lifestyle and enhance overall quality of life.

    • Fund House: PNB MetLife India Life Insurance Company Ltd.

    • NAV: ₹56.48 (as of 05 Jan 2024)

    • Assets under Management (AUM): ₹23.67 billion

    • Returns:

      • 5-Year Returns: 21.9%

      • 10-Year Returns: 18.4%

    • Fund Manager: Amit Shah

  8. Edelweiss Tokio Life Equity Mid Cap Fund

    The Edelweiss Tokio Life Equity Mid Cap Fund targets investment in promising mid-cap companies with the potential for substantial long-term capital appreciation. This fund can be a suitable option for investors with a high-risk appetite seeking aggressive long-term growth through mid-cap investments.

    Features of Edelweiss Tokio Life Equity Mid Cap Fund:

    • Investment Objective: To fuel long-term growth by focusing on midcap companies, offering investors a pathway to higher returns through strategic equity exposure.

    • Fund House: Edelweiss Tokio Life Insurance Company Limited

    • Fund Manager: Ritika Chhara

    • NAV: ₹25.29 (as of 05 Jan 2024)

    • Assets under Management (AUM): ₹23.67 billion

    • Returns:

      • 5-Year Returns: 20.9%

      • 10-Year Returns: Not available

    • Benchmark: Nifty Midcap 100 Index

ULIP vs. Mutual Fund

The optimal choice depends on individual financial needs, risk tolerance, and investment horizon. Below is a comparison for the same:

Feature ULIP Mutual Fund
Main goal Insurance + Investment Investment Only
Good for
  • Building wealth with life cover
  • Need less stress during market volatility
  • Seeking higher potential returns
  • Have knowledge and expertise to manage market volatility
Consider if Need life insurance along with good investments returns Want separate life cover
Investment horizon 5 years to long-term Short-term to Long-term
Risk Moderate to high Generally higher
Tax benefits Tax benefits under Section 80C and 10(10D) Some schemes offer tax benefits (ELSS)

Why Should NRIs Choose SIP Investments in India in 2024?

One of the most common reasons why people are attracted to investing in SIP is the inculcation of regular habits of savings in small and regular intervals.

  • NRI-friendly investment: SIPs accept small amounts starting from Rs. 500 or even Rs. 100.

  • Rupee cost averaging: Helps buy more units during market downturns and fewer during upswings, reducing volatility impact.

  • Multiple SIPs: Diversify investments across various assets for long-term growth potential.

  • Flexibility: Start, stop, or adjust SIPs according to preference, even with low investment amounts.

Important Points to Remember Before Investing in Best SIP Plans 2024

  1. Begin SIP Investments Early:

    • Initiate SIPs early for long-term high returns.

    • Longer tenure yields greater benefits.

  2. Understand Financial Goals:

    • Identify goals like retirement, education, or home purchase.

    • Align SIP choices with specific goals.

  3. Diversify SIP Investments:

    • Avoid concentration risk by investing in varied SIPs.

    • Consider different risk profiles and asset classes.

  4. Determine Risk Tolerance:

    • Choose SIPs matching individual risk appetite.

    • Opt for worry-free investing aligned with risk tolerance.

  5. Select Suitable Fund Types:

    • Evaluate SIPs based on investment objectives and risk levels.

    • Align fund types (equity, debt, hybrid) with goals and risk profiles.

  6. Consider Expense Ratio:

    • Opt for SIPs with lower expense ratios to maximize returns.

  7. Start Small, Invest Regularly:

    • Commence investing with modest amounts.

    • Foster disciplined savings habits through regular investments.

  8. Be Patient and Stay Invested:

    • Embrace long-term perspective despite market fluctuations.

    • Reap compounding benefits by remaining invested patiently.

Summing It Up!

SIPs offer you the best investment plans for building a large corpus by making little-by-little investments over a long period. These plans can be bought and invested in anywhere and by anyone. Disciplined investing, diversification of risk portfolios, and rupee cost-averaging benefits are the best features of the SIP investment plans. Choose the best SIP plans discussed in this article and make your choices intelligently.

FAQ's

  • Can you get a 40% return in SIP?

    Yes, you can get 20% return from investing in an SIP plan, but it is not guaranteed and depends on several factors:
    • Investment horizon

    • Risk tolerance

    • Fund selection

    • Market conditions

  • Is SIP tax-free in India?

    Equity SIPs enjoy long-term capital gains tax exemptions after 1 year holding. Debt SIPs have different tax implications based on investment period and type. Consult a tax expert for clarity.
  • Is SIP better than FD?

    Depends on your goals and risk tolerance: SIPs offer potentially higher returns but with higher risk compared to fixed deposits (FDs). Choose FDs for guaranteed returns and low risk, SIPs for long-term wealth creation with higher risk potential.

+For Mutual Fund midcap category Returns https://www.morningstar.in/tools/mutual-fund-category-performance.aspx & for Insurance midcap fund category Returns- https://www.morningstar.in/tools/insurance-fund-category-performance.aspx
*Past 10 Year annualised returns as on 01-12-2023
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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