The best option in today’s scenario is tax savings with Mutual Funds* called Equity Linked Saving Schemes (ELSS) are considered to be one of the best options for Income Tax Savings.
The Tax Saving Mutual Funds have given better returns than other saving instruments in the Country. SIP in Mutual Funds is the best way to get more returns from the investment.
It is not possible to compare between Tax Saving Mutual Funds and Tax saving Life Insurance. Both are separate asset classes and reduce the risk. As an investor, you need to diversify your investment in various instruments and reduce the risk of returns.
ELSS – Mutual Tax Savings | Life Insurance savings |
| Easy to invest, 3 years locking period | Premium and terms may change as per the age |
| Returns are subject to market conditions | Debt fund returns with Insurance cover and tax-free returns. |
| No Insurance cover | Insurance cover as per the terms and the premium paid |
| Short-term Capital gain if withdrawn within one year on the profit made & Long-term capital gain if withdrawn after one year | No taxes at all, Maturity and claims are 100% tax-free as per the terms of the policy |
| Withdrawal is very easy, online can be done | Maturity or the Death benefits, all the relevant documents to be submitted. |
The below-given data of Equity Tax Savings fund NAV is from the market closing on 15th September 2023. The Net Asset Value (NAV) would change on every Market working day.
| ELSS Scheme Name | Risk | NAV Regular | Return 3 Year | Return 5 Year | Return 10 Year | Return Since Launch | Click to invest |
| Aditya Birla Sun Life ELSS Tax Relief 96 Fund | Very High | 174.50 | 12.27 | 6.97 | 15.30 | 21.72 | Web/ App |
| Axis Long-Term Equity Fund | Very High | 73.33 | 15.86 | 10.17 | 17.35 | 15.63 | Web/ App |
| Bandhan Tax Advantage (ELSS) Fund | Very High | 121.78 | 30.48 | 15.89 | 18.96 | 18.50 | Web/ App |
| Bank of India Tax Advantage Fund | Very High | 121.19 | 25.10 | 17.42 | 18.14 | 18.69 | Web/ App |
| Baroda BNP Paribas ELSS Fund | Very High | 67.95 | 19.64 | 12.89 | 15.16 | 11.07 | Web/ App |
| Canara Robeco Equity Tax Saver Fund | Very High | 41.51 | 22.24 | 15.64 | 16.83 | 15.05 | Web/ App |
| DSP Tax Saver Fund | Very High | 98.34 | 26.02 | 15.76 | 18.57 | 14.70 | Web/ App |
| Edelweiss Long Term Equity Fund (Tax Savings) | Very High | 83.15 | 21.19 | 12.24 | 14.70 | 15.48 | Web/ App |
| Franklin India Taxshield Fund | Very High | 1,078.24 | 28.13 | 13.28 | 16.73 | 21.10 | Web/ App |
| Groww ELSS Tax Saver Fund | Very High | 15.18 | 16.99 | 9.20 | 7.57 | Web/ App | |
| HDFC Taxsaver Fund | Very High | 976.99 | 27.68 | 12.93 | 16.04 | 23.37 | Web/ App |
| HSBC ELSS Fund | Very High | 93.61 | 20.30 | 10.55 | 15.27 | 13.58 | Web/ App |
| ICICI Prudential Long Term Equity Fund (Tax Saving) | Very High | 699.20 | 23.86 | 12.64 | 16.63 | 19.28 | Web/ App |
| Invesco India Tax Plan Fund | Very High | 92.42 | 19.52 | 12.01 | 17.45 | 14.22 | Web/ App |
| ITI Long-Term Equity Fund | Very High | 16.71 | 17.98 | 14.02 | Web/ App | ||
| JM Tax Gain Fund | Very High | 34.76 | 25.30 | 15.48 | 18.37 | 8.39 | Web/ App |
| Kotak Tax Saver Fund | Very High | 88.46 | 24.98 | 15.44 | 17.96 | 13.01 | Web/ App |
| LIC MF ELSS | Very High | 116.24 | 20.52 | 11.78 | 14.95 | 9.71 | Web/ App |
| Mahindra Manulife ELSS Fund | Very High | 22.70 | 25.86 | 13.70 | 12.59 | Web/ App | |
| Mirae Asset Tax Saver Fund | Very High | 36.87 | 24.12 | 16.28 | 18.41 | Web/ App | |
| Motilal Oswal Long-Term Equity Fund | Very High | 33.11 | 25.63 | 12.97 | 14.84 | Web/ App | |
| Nippon India Tax Saver (ELSS) Fund | Very High | 94.54 | 27.29 | 10.12 | 16.36 | 13.30 | Web/ App |
| Parag Parikh Tax Saver Fund | Very High | 23.42 | 23.98 | 22.77 | Web/ App | ||
| PGIM India ELSS Tax Saver Fund | Very High | 28.08 | 25.31 | 14.26 | 14.22 | Web/ App | |
| Quant Tax Plan | Very High | 281.76 | 35.03 | 23.84 | 24.17 | 15.29 | Web/ App |
| Quantum Tax Saving Fund | Very High | 92.37 | 23.49 | 10.83 | 10.66 | Web/ App | |
| SBI Long Term Equity Fund | Very High | 297.83 | 27.30 | 15.53 | 16.78 | 16.57 | Web/ App |
| Shriram Long Term Equity Fund | Very High | 17.39 | 15.60 | 12.66 | Web/ App | ||
| Sundaram Tax Savings Fund | Very High | 396.18 | 24.69 | 12.77 | 15.91 | 16.16 | Web/ App |
| Tata India Tax Savings Fund | Very High | 82.86 | 23.40 | 13.97 | 17.49 | 18.50 | Web/ App |
| Taurus Tax Shield Fund | Very High | 140.99 | 20.81 | 11.59 | 15.24 | 11.80 | Web/ App |
| Union Tax Saver (ELSS) Fund | Very High | 50.23 | 23.93 | 15.31 | 14.62 | 14.74 | Web/ App |
| UTI Long Term Equity Fund | Very High | 163.34 | 21.90 | 13.11 | 14.93 | 14.63 | Web/ App |
* Mutual Fund returns are subject to market conditions. Please read the offer document before you buy.
ELSS Mutual Funds Tax Savings – monthly SIP