Best SIP Plans for 1,000 Per Month in 2024

What is a SIP Plan for 1000 per Month?

A Systematic Investment Plan (SIP) allows you to invest a small amount, such as ₹1,000 per month, in a market-linked investment option. This approach helps you to save in a disciplined manner and grow your investments over time. A best sip plan enables wealth building through the power of compounding and rupee-cost averaging. 

Now that you know what is a SIP, you can learn the top 10 sip plans to invest in India in 2024.

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I want to invest Pro Tip

Financial experts suggest that a person should invest 10-15% of their monthly income for long-term financial growth

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I want to invest for Pro Tip

Financial experts suggest that individuals should ideally invest for a period of 5 to 10 years, or even longer, to maximize the benefits of compounding and navigate market fluctuations effectively

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Expected return Pro Tip

Top 25% of investors consistently generate more than 12% return

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Total Wealth ₹22.4 L

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I want to save

I want to invest for Pro Tip

Financial experts suggest that individuals should ideally invest for a period of 5 to 10 years, or even longer, to maximize the benefits of compounding and navigate market fluctuations effectively

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Expected return Pro Tip

Top 25% of investors consistently generate more than 12% return

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Monthly Investment ₹22.4 L

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Top Funds with High Returns (Past 7 Years)

19.3%

High Growth Fund

15.61%

Accelerator Mid-Cap Fund II

15.48%

Opportunities Fund

Best SIP Plans for 1,000 per Month

The following table lists the best investment options to invest in a SIP for Rs. 1000 only with annualised returns for 3, 5, and 10 years: 

*Annualised Returns of funds as of 30 September 2024.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. The tax benefit is subject to changes in tax laws. *Standard T&C Apply

Details of Best SIP Plans for 1000 per Month

The key details about the above-listed top sip plans for Rs. 1000 monthly are mentioned below:

1. HDFC Life- Discovery Fund

   HDFC Life Discovery Fund is a ULIP fund that focuses on long-term capital growth by investing primarily in mid-cap and small-cap equities. It targets companies with strong growth potential, offering an opportunity for higher returns but with a higher risk profile.

   Features of HDFC Life- Discovery Fund:

   • Investment Objective: The fund aims to provide long-term capital appreciation by investing in a mix of equity and debt instruments.

   • Insurance Coverage: It combines investment with life insurance, ensuring financial protection for the policyholder's beneficiaries.

   • Inception Date: 03 September 2018

   • Benchmark Index: Nifty MidCap 100

   • Asset Allocation:  Money Market Instruments and Public Deposits (0 - 10%), Govt. Securities and Corporate Bonds (0 - 10%), and Equity Assets (90 - 100%).

   • Tax Benefits: You can enjoy tax benefits under Section 80C and Section 10(10D).

   Illustration of HDFC Life- Discovery Fund Returns:

   • If you invest monthly: Rs. 1,000

   • Period of investment: 5 years

   • HDFC Life- Discovery Fund Expected 5-year Annualised Returns: 31.29%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.45 lakhs

2. Pramerica Life - Nifty Mid Cap 50 Correlation Fund

   Pramerica Life Nifty Mid Cap 50 Correlation Fund is a ULIP fund that aims to mirror the performance of the Nifty Mid Cap 50 Index. It invests in mid-cap companies, offering growth potential while maintaining a diversified risk profile aligned with the index.

   Features of Pramerica Life - Nifty Mid Cap 50 Correlation Fund:

   • Investment Objective: The fund aims to generate capital appreciation by investing in mid-cap companies, closely tracking the Nifty Mid Cap 50 Index.

   • Insurance Coverage: It offers life insurance coverage along with investment options.

   • Inception Date: 27 July 2023

   • Benchmark Index: Nifty Mid Cap 50

   • Asset Allocation: Equity Assets (90 - 100%) and Money Market Instruments (0 - 10%).

   • Suitability: Ideal for investors looking for long-term capital growth with moderate to high-risk tolerance, focused on mid-cap companies.

   • Tax Benefits: You can claim tax deductions under Section 80C, and the maturity benefits are tax-free under Section 10(10D).

   Illustration of Pramerica Life - Nifty Mid Cap 50 Correlation Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • HDFC Life- Opportunities Fund Expected 5-year Annualised Returns: 30.7%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.42 lakhs

3. HDFC Life – Opportunities Fund

   HDFC Life Opportunities Fund is a ULIP fund that seeks long-term capital appreciation by investing in large-cap and mid-cap stocks across various sectors. It focuses on identifying market opportunities with high growth potential while managing risk through diversified investments.

   Features of HDFC Life – Opportunities Fund:

   • Investment Objective: This fund aims to provide long-term capital growth by investing primarily in equity and equity-related instruments.

   • Insurance Coverage: Provides life insurance coverage, ensuring financial security for your family.

   • Inception Date: 05 January 2010

   • Benchmark Index: Nifty Mid Cap 100

   • Asset Allocation: Money Market Instruments and Public Deposits (0 - 20%), Equity Assets (80 - 100%).

   • Suitability: It is suitable for investors seeking long-term growth through equity investments while also wanting life insurance coverage.

   • Tax Benefits: Offers tax deductions under Section 80C, with tax-free maturity proceeds under Section 10(10D).

   Illustration of HDFC Life – Opportunities Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • Kotak Life- Frontline Equity Fund Expected 5-year Annualised Returns: 24.07%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.17 lakhs

4. Kotak Life – Frontline Equity Fund

   Kotak Life Frontline Equity Fund is a ULIP fund focused on long-term capital growth by investing primarily in large-cap equities. It aims to provide stable returns by targeting well-established companies with strong market leadership across various sectors.

   Features of Kotak Life – Frontline Equity Fund:

   • Investment Objective: The fund aims for capital appreciation by investing in a blend of large-cap and mid-cap equity stocks.

   • Insurance Coverage: The fund offers life insurance coverage, providing financial security to the policyholder's beneficiaries.

   • Inception Date: 17 December 2009

   • Benchmark Index: BSE 100 - Equity 100%.

   • Asset Allocation: Equity Assets (60 - 100%), Govt Securities and Debt Instruments (0 - 40%), and Money Market Instruments (0 - 40%).

   • Suitability: This fund is ideal for investors looking for long-term capital growth and who prefer a focus on established companies.

   • Tax Benefits: Investments qualify for tax deductions under Section 80C of the Income Tax Act, and the returns are tax-free under Section 10(10D) upon maturity.

   Illustration of Kotak Life – Frontline Equity Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • Bajaj Life – Accelerator Mid-cap Fund II Expected 5-year Annualised Returns: 22.1%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.10 lakhs

5. Canara Life – Growth Plus Fund

   Canara Life Growth Plus Fund is a ULIP fund that aims for long-term capital appreciation by investing in a mix of large-cap and mid-cap equities. It focuses on growth-oriented companies, offering the potential for higher returns while managing investment risks through diversification.

   Features of Canara Life – Growth Plus Fund:

   • Investment Objective: The fund aims for long-term capital appreciation by investing primarily in a diversified portfolio of equities.

   • Insurance Coverage: It provides life insurance coverage, ensuring financial protection for your family.

   • Inception Date: 13 September 2010

   • Benchmark Index: Nifty 50 (80%) and Customized UL Growth Plus Composite Bond Index (20%).

   • Asset Allocation: Equity Assets (50 - 90%), Money Market Instruments (0 - 40%), and Debt Assets (10 - 50%).

   • Suitability: This fund is suitable for investors looking for long-term growth and who want the added benefit of life insurance coverage. 

   • Tax Benefits: Investments in this fund qualify for tax deductions under Section 80C of the Income Tax Act, and the maturity benefits are tax-free under Section 10(10D).

   Illustration of Canara Life – Growth Plus Fund Returns:

   • If you invest: Rs. 1000 per month

   • Period of investment: 5 years

   • Quant Active Fund Expected 5-year Annualised Returns: 15.1%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 89,934

6. Quant Active Fund

   Quant Active Fund is a diversified equity mutual fund known for its dynamic investment strategy across sectors and market caps. It aims to provide long-term capital appreciation by actively managing a high-conviction portfolio based on market trends and economic conditions.

   Features of Quant Active Fund:

   • Investment Objective: The fund aims for long-term capital appreciation by investing in a diversified portfolio of large-cap, mid-cap, and small-cap companies​.

   • Inception Date: 04 April 2001

   • Benchmark Index: NIFTY 500 Multicap 50:25:25 Total Return Index

   • Suitability: This fund is suitable for investors looking for long-term growth and who can tolerate high risk.

   Illustration of Quant Active Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • Parag Parikh Flexi Cap Fund Expected 5-year Annualised Returns: 32.99%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.53 lakhs

7. Quant Large and Midcap Fund

   Quant Large and Midcap Fund focuses on investing in a mix of large-cap and mid-cap stocks, aiming for growth through a balanced portfolio. The fund seeks to capitalize on both stability from large companies and growth potential from mid-sized firms.

   Features of Quant Large and Midcap Fund:

   • Investment Objective: The fund aims to achieve long-term capital appreciation by investing in a diversified portfolio of large and mid-cap companies.

   • Inception Date: 15 April 1996

   • Benchmark Index: Nifty large Midcap 250 Index

   • Suitability: Ideal for investors seeking long-term growth and who can tolerate high-risk investments in both large and mid-cap stocks.

   Illustration of Quant Large and Midcap Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • Quant Focused Fund Expected 5-year Annualised Returns: 30.23%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.4 lakhs

8. Parag Parikh Flexi Cap Fund

   Parag Parikh Flexi Cap Fund invests across large, mid, and small-cap stocks, offering flexibility to adapt to market conditions. It focuses on long-term wealth creation with a value-oriented approach and includes a mix of domestic and international equities.

   Features of Parag Parikh Flexi Cap Fund:

   • Investment Objective: The fund aims to provide long-term capital appreciation by investing primarily in equity and equity-related instruments. 

   • Inception Date: 13 May 2013

   • Benchmark Index: Nifty 500 Index 

   • Suitability: This fund is suitable for long-term investors who seek a diversified equity portfolio with exposure to large, mid, and small-cap stocks.

   Illustration of Parag Parikh Flexi Cap Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • Edelweiss Large & Mid Cap Fund Expected 5-year Annualised Returns: 27.1%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.28 lakhs

9. Kotak Equity Opportunities Fund

   Kotak Equity Opportunities Fund aims to generate long-term capital appreciation by investing primarily in a diversified portfolio of large-cap and mid-cap stocks. The fund focuses on identifying growth opportunities across various sectors while maintaining a disciplined investment approach.

   Features of Kotak Equity Opportunities Fund:

   • Investment Objective: The fund aims to provide long-term capital growth by investing in a diversified portfolio of equity and equity-related instruments.

   • Inception Date: 01 January 2013

   • Benchmark Index: Nifty Large Midcap 250 Index

   • Suitability: Best suited for investors seeking long-term wealth creation and who can tolerate moderate to high risk. Ideal for those looking to invest in a mix of large and mid-cap stocks.

   Illustration of Kotak Equity Opportunities Fund Returns:

   • If you invest: Rs. 1,000 per month

   • Period of investment: 5 years

   • Kotak Equity Opportunities Fund Expected 5-year Annualised Returns: 25.09%

   • Total Investment: Rs. 60,000

   • Total Returns: Rs. 1.20 lakhs

10. Edelweiss Large & Mid Cap Fund

    Edelweiss Large & Mid Cap Fund seeks to achieve long-term capital growth by investing in a combination of large-cap and mid-cap stocks. The fund aims to capture growth potential from mid-sized companies while maintaining stability through established large-cap firms.

    Features of Edelweiss Large & Mid Cap Fund:

    • Investment Objective: To provide long-term capital appreciation by investing in a combination of large-cap and mid-cap stocks.

    • Inception Date:  01 January 2013

    • Benchmark Index: Nifty Large Midcap 250 Index

    • Suitability: Suitable for investors seeking long-term growth with a higher risk appetite, aiming for a balanced exposure to both large and mid-sized companies. 

    Illustration of Edelweiss Large & Mid Cap Fund Returns:

    • If you invest: Rs. 1,000 per month

    • Period of investment: 5 years

    • Kotak Equity Opportunities Fund Expected 5-year Annualised Returns: 24.55%

    • Total Investment: Rs. 60,000

    • Total Returns: Rs. 1.18 lakhs

Summing Up

Selecting the best SIP plans for Rs. 1,000 per month involves carefully considering various factors such as fund performance, risk tolerance, and investment goals. It is essential to conduct thorough research to make informed decisions tailored to your individual preferences and financial objectives. By choosing wisely, you can optimize your returns and build a solid financial foundation through planned SIP investment.