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.

SIP Insurance Plan Benefits

Start SIP with as low as ₹1000

No hidden charges

Save upto ₹46,800 in Taxunder section 80C^{^}

Zero LTCG Tax^¶

Disciplined & worry-free investing

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

Fund Name	3 Years	5 Years	10 Years
	Returns
Virtue II PNB Metlife	18.68%	25.83%	16.48% View Plan
Pure Equity Birla Sun Life	17.56%	21.84%	15.07% View Plan
Large Cap Equity Fund Tata AIA	18.45%	21.82%	14.88% View Plan
Grow Money Plus Fund Bharti AXA	14.74%	18.58%	14.12% View Plan
Pure Stock Fund Bajaj Allianz	17.34%	20.53%	14.04% View Plan
Diversified Equity Fund HDFC Standard	14.77%	17.79%	13.96% View Plan
Growth Super Fund Max Life	15.5%	17.5%	12.83% View Plan
Equity Fund SBI	14.88%	16.53%	12.1% View Plan
Bluechip Fund ICICI Prudential	13.23%	15.89%	11.33% View Plan
Growth Plus Fund Canara HSBC Oriental Bank	12.92%	13.89%	10.36% View Plan

Updated as on January 2024

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Fund Name	5 Years	10 Years	RSI
	Returns
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

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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.

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

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%

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

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%

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%

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%

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

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

Begin SIP Investments Early:

Initiate SIPs early for long-term high returns.
Longer tenure yields greater benefits.

Understand Financial Goals:

Identify goals like retirement, education, or home purchase.
Align SIP choices with specific goals.

Diversify SIP Investments:

Avoid concentration risk by investing in varied SIPs.
Consider different risk profiles and asset classes.

Determine Risk Tolerance:

Choose SIPs matching individual risk appetite.
Opt for worry-free investing aligned with risk tolerance.

Select Suitable Fund Types:

Evaluate SIPs based on investment objectives and risk levels.
Align fund types (equity, debt, hybrid) with goals and risk profiles.

Consider Expense Ratio:

Opt for SIPs with lower expense ratios to maximize returns.

Start Small, Invest Regularly:

Commence investing with modest amounts.
Foster disciplined savings habits through regular investments.

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.