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Monthly Income Funds (MIPs) to Invest in 2024

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In the realm of investment options, monthly income plans (MIPs) stand out as truly exceptional instruments for accruing regular returns. These schemes are particularly designed with low-risk investors in mind, with their central objective being to offer an escalated stream of consistent monthly income by allocating a nominal percentage of the investment into equity instruments.

Essentially, MIPs are debt-centric plans where the investment portfolio is carefully diversified across both debt and equity instruments. The bulk of the investment is dedicated to reliable debt instruments such as government securities, treasury bills, and commercial papers. This part of the investment guarantees a level of safety, consistency, and stability, while the modest exposure to equity instruments enhances the potential for higher returns.

Let's now delve into the details of the top-performing monthly income plans of 2024 that are rendering impressive and significant benefits to their investors.

Top Monthly Income Funds in 2024

Mentioned below are the top monthly income funds to be invested in 2024 -

  • Aditya Birla Sun Life Regular Savings Fund
  • Baroda Pioneer Conservative Hybrid Fund
  • DSP Blackrock Regular Savings Fund
  • HDFC Hybrid Debt Fund
  • ICICI Prudential MIP 25
  • ICICI Prudential Monthly Income Plan
  • Invesco India Regular Savings Fund
  • Reliance Hybrid Bond Fund
  • UTI Regular Savings Fund

Features and Benefits of the Best Monthly Income Plans in 2024

Mentioned below are the key features of the above-mentioned monthly income plans –

1. Aditya Birla Sun Life Regular Savings Fund

  • It has shown robust performance with a return of 10.99% in the last 5 years and an average of 9.55% since the beginning.
  • The minimum investment in this scheme is only Rs. 500, enabling accessibility for a wide range of investors.
  • Investments can be made either in lump-sum or through a Systematic investment plan (SIP).
  • The fund predominantly invests in debt and money market instruments to generate safe and regular returns.
  • A portion of the investment is also allocated to equities for capital appreciation.
  • This plan is particularly suitable for investors with a moderate to low-risk appetite.
  • It allows investors to reap the dual benefit of capital appreciation and a regular return on investment.

2. Baroda Pioneer Conservative Hybrid Fund

  • Baroda Pioneer Conservative Fund, a hybrid debt fund, was launched in September 2004.
  • The scheme's primary aim is to provide a safe and regular return by investing in a variety of debt and money market instruments.
  • The investment instruments here include corporate bonds, government securities, and treasury bills among others.
  • To achieve long-term capital growth, the fund also allocates a small portion of the investment to equity and equity-related securities.
  • This fund carries a moderately high risk, which necessitates a risk tolerance assessment by potential investors.
  • The fund offers an attractive investment opportunity for those seeking a steady income stream coupled with wealth creation.

3. DSP Blackrock Regular Savings Fund

  • DSP BlackRock Regular Savings Fund, launched in June 2004, is another top-performing hybrid debt fund.
  • The fund's primary objective is to generate safe, regular returns on investment by investing in high-quality debt securities.
  • It diversifies a small portion of its investments into equity securities with the aim of achieving long-term capital growth.
  • This fund has shown a solid track record with a return of 8.5% since its inception.
  • It carries a moderately high risk, which requires careful consideration from potential investors.
  • This scheme is suitable for investors who are seeking both regular income and long-term growth potential.

4. HDFC Hybrid Debt Fund

  • In the past 5 years, the fund has delivered an average return of 9.76% and an impressive 10.44% average return since its inception in 2003.
  • The fund allows a minimum lump-sum investment of Rs. 5,000, and a minimum of Rs. 500 for SIP investments, which enhances accessibility for investors.
  • The scheme primarily invests in stable debt instruments such as government securities and corporate bonds of established companies like Infosys, L&T, SBI, ICICI Bank, and so on.
  • This fund is particularly suitable for investors with a moderate risk appetite.
  • It offers a regular flow of income and the benefit of long-term capital growth and combines safety and growth in one package.

5. ICICI Prudential MIP 25

  • The majority of the fund is invested in debt and money market instruments for consistent returns.
  • A small portion of the investment is also allocated to equity and equity-related instruments for long-term capital appreciation.
  • The scheme offers a moderately high risk, making it suitable for investors who can tolerate a certain level of risk.
  • Since the beginning, the fund has produced a strong return of 9.8%.
  • It is particularly well-suited for investors with a moderate risk appetite.
  • This plan is ideal for those seeking a regular return on investment coupled with the advantage of capital growth.
  • The fund's diversified approach between debt and equity provides both stability and growth opportunities for investors.

6. ICICI Prudential Monthly Income Plan

  • The primary objective of the scheme is to generate regular returns coupled with capital appreciation.
  • The majority of the fund's investments are made in debt instruments which ensures stability and regular income.
  • As a secure investment option, it is a particularly suitable fund for investors with a low-risk appetite.
  • This plan caters to those seeking a regular income stream, making it an ideal choice for individuals such as retirees.

7. Invesco India Regular Savings Fund

  • Invesco India Regular Savings Fund, a notable hybrid debt fund, was launched in the month of June 2010.
  • It's recognised as one of the top monthly income plans and delivers consistent returns.
  • The primary objective of this scheme is to generate regular income by investing in diverse portfolios such as fixed-income securities, Gold ETFs, and equity-related instruments.
  • It presents a moderately high risk, which necessitates a proper risk assessment by potential investors.
  • Since its inception, the fund has generated a solid return of 6.9%, demonstrating its reliable performance.
  • This fund is particularly suitable for individuals with a moderate to low-risk appetite.
  • It provides a consistent return on investment, making it an attractive option for those seeking steady income.

8. Reliance Hybrid Bond Fund

  • Investors can easily participate with a minimum investment of Rs.5,000 in a lump sum or Rs.500 through a systematic investment plan (SIP).
  • This fund is an ideal choice for investors with a moderate to low-risk appetite.
  • The scheme offers the dual advantage of capital appreciation and consistent return on investment (ROI).

9. UTI Regular Savings Fund

  • UTI Regular Savings Fund, a prominent debt-oriented monthly income plan, has offered a return of 9.72% since its inception.
  • Investors can participate in this scheme with a minimum lump-sum investment of Rs.5,000 or Rs.500 via a Systematic Investment Plan (SIP).
  • In the last 5 years, the fund has yielded a return of 10.18%. The average return over the past 3 years, meanwhile, has been 8.44%.
  • The fund mainly invests in reliable debt instruments such as government securities and corporate bonds.
  • Carrying a moderately high risk, this fund provides a regular return on investment coupled with the potential for capital growth.

In a Nutshell

Monthly income plans offer a compelling blend of safety, consistency, and potential for growth, making them an excellent choice for investors with varying risk appetites. They provide the reliability of regular income, the security of investment in debt instruments, and the growth opportunities offered by equities.

The best monthly income plans, as discussed above, demonstrate a consistent track record of returns and cater to diverse financial goals. As with any investment decision, a thorough understanding of your financial goals, risk tolerance, and investment horizon is crucial before committing your funds. By doing so, you can take advantage of the potential of these plans to achieve your financial objectives.

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