Investing in SIP is a flexible investment strategy. It allows people to invest a certain, fixed amount of money in Mutual Funds, either on a monthly or quarterly basis. This kind of investment tends to give better returns over time as it allows investors to buy more only when unit prices are low and fewer units when prices are high. Overall, you also develop a habit of saving little by little.

What to consider before you choose an SIP to invest in?

Before you consider investing in SIPs, consider these factors carefully:

• Goals: This goal will help decide what kind of SIP is best for you. If you’re looking for long-term growth, Equity Funds are a better choice while you can try Debt FUnds for short-term gains.
• Risks:  Decide what risk level are you comfortable with. Higher Return Funds come with high risks and low-risk Funds offer less returns and offer more stability.
• Time Horizon:  What is the time duration you want to invest for? This is very important as it will decide how long you can afford to take more risks and if there is a way to overturn the market downturn.
• Performance of Fund: The historical performance of a fund over time can be an insight into its reruns. Although not completely reliable, it shows how much a fund can be trusted.

Best SIP Plans for 2024 Investment:

1. Tata AIA Top 200 Fund:

This TATA AIA Fund is the best SIP plan offered by TATA AIA. It is a large-cap equity fund that invests in 200 companies in India by market capitalization. This makes it diverse and and best option for long-term investments.

2. Edelweiss Tokio Life Equity Mid Cap Fund:

The Edelweiss Tokio Life Equity Fund is known for targeting promising and better returns mid-cap companies for long-term gains. This is however suitable for investors who are willing to take big risks over long-term growth and returns. It uses strategic equity exposure for better returns.

3. HDFC Standard Life Discovery Fund:

HDFC Standard Life Fund offers various SIp plans lined in the market. This fund is designed in such a way that it explores and capitalises on new, growing trends, to provide a strategic and better approach to getting good returns.

4. Aditya Birla Sun Life Individual Multiplier Fund:

Aditya Birla Sun Life Fund is another best-performing SIP plan-based fund lined in the market. This fund is offered by various Birla Sun Life best SIP plans. It is sort of an investment fund which is open-ended and aims to provide wealth appreciation and a life insurance cover as well, making this fund a quite popular choice for investors. This fund manages a diverse equity portfolio and focuses on companies with capital of more than Rs. 1000 crores

5. Max Life High Growth Fund:

Max Life Fund is a multi-capital SIP plan fund which also focuses on mid-cap company stocks that have high growth potential in the long term. This fund is great for aggressive high-risk taker investors with enough patience to wait for long-term returns. Around 70 per cent of the fund gets invested consistently into equities while the remaining is allocated to government securities, bonds, and other money market instruments.

These are some of the best SIP plans you can invest in in 2024. Most of these are high-risk, however, if you analyse carefully and do your research, you can surely find a SIP plan that best suits your needs. SIP can bring good returns but know your risks and take risks only if you can handle them. Being safe while investing is the best safety possible.