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ELSS funds are fundamentally attractive because they are a much better option to save taxes under Section 80(c) as compared to any other option in the peer group (see comparison)

So, the quick answer if you have not had a largish home loan, PF or PPF investments (totalling up to less than 1.5 Lakhs), you must invest in ELSS to get to the 1.5 lakhs limit on 80(c) investment

Historical comparison of different tax savings options for an ₹investment of 1,50,000

Invest in the best tax saving funds

  • Tax Saving Mutual Funds
  • ₹ 3.01L
    after 5yrs
  • Annual return: 15% ✔
  • 3yr lock in ✔
  • zero tax on investment ✔
  • zero tax on interest ✔
  • Public Provident Fund
  • ₹ 2.2L
    after 5yrs
  • Annual return: 8.10% ✖
  • 15yr lock in ✖
  • zero tax on investment ✔
  • zero tax on interest ✔
  • Unit Linked Insurance Plan
  • ₹ 2.1L
    after 5yrs
  • Annual return: 7.01% ✖
  • 5yr lock in ✖
  • zero tax on investment ✔
  • zero tax on interest ✔
  • 5 yr FD
  • ₹ 1.91L
    after 5yrs
  • Annual return: 4.9% ✖
  • 5yr lock in ✖
  • zero tax on investment ✔
  • zero tax on interest ✖

Exclusive benefits of ELSS

  1.  Lowest lock-in period of three years, amidst all tax-saving instruments available under Section 80C (PPF - 15 years, NSC - 5 years, fixed deposits - 5 years)
  2. Ability to provide regular cash flows via dividend option
  3. Allows minimum investment of Rs 500, unlike regular equity-oriented funds, which have a minimum investment of Rs 5,000
  4. Flexibility for one-time investment, unlike PPF, which requires least one contribution per year
  5. Allows investors to opt for a systematic investment plan (SIP) which induces discipline and helps capture superior return

Preferred Elss are:

  1. ABSL Tax Relief 96 Fund
  2. Axis Long Term Equity Fund
  3. Canara Rabeco Tax Saver Fund 
  4. Mirae Asset Tax Saver Fund
  5. Invesco Tax Saving Fund
  6. L&T Tax Advanatge
  7. Tata Tax Saver Fund

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