Recommend pure term insurance plans for buying a life insurance cover. If you have financial dependents, you should buy an adequate life cover. But always opt for an online term insurance plan.
Equity Linked Savings Scheme (ELSS) or tax planning mutual funds invest in stocks. Because of this, they are suitable only for investors with a higher risk appetite. However, they have the potential to offer superior returns over a long period because of their investments in equity. They have a lock-in period of three years, but you should invest in them only if you have an investment horizon of five years or more.
Public Provident Fund (PPF) is a government-backed plan that offers assured returns. It has a tenure of 15 years and it is ideal for extremely conservative investors looking to invest money for long-term goals.
Depending on your investment horizon and risk profile, you can choose between ELSS and PPF.
Top 10 Tax Saving Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
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