1) Franklin India Monthly Income Plan

This Monthly Income plan has been ranked 1 by Crisil rating agencies. Earlier, it was FT India Monthly Income Plan and renamed Franklin India Monthly Income Plan.

The fund has given an average annual return of 10.23 per cent for the last 3 years. The fund was launched on September 28, 2000.

There is an exit load of 1 per cent redemption within 365 day. The high yields and rating makes it among the best monthly income plans to invest in 2016. 

2) UTI MIS Advantage Plan

UTI MIS is another top ranked fund from Crisil. The fund has given a average return of 10.83 per cent for the last 3 years. The minimum investment amount is Rs 5000. The fund was launched on December 16, 2003.

3) Birla Sun Life MIP II - Wealth 25 Plan

Birla Sun Life MIP II - Wealth 25 Plan is ranked 2 by Crisil. Birla MIP was holding a top rank in 2014. The fund has given a average return of 12.88 per cent for the last 3 years.

The scheme has allotted 70 - 80% in debt and money markets instruments and 20 - 30% in equity & equity related instruments​.

The high yields and rating makes it among the best monthly income plans to invest in 2016. 

4) ICICI Prudential MIP 25

The scheme is a hybrid fund that aims to generate regular income through investments primarily in debt and money market instruments and long-term capital appreciation by investing a portion in equity. The fund has given average return of 10.62 per cent for the last 3 years.

5) Reliance Monthly Income Plan

Reliance Monthly Income Plan is ranked 2 by Crisil. The fund has given an average return of 9.46 per cent for the last 3 years. There is 1 per cent exit load for redemption within 365 days.
Conclusion