For those who woke up late and are yet to make investment decisions, here is a quick guide on investment instruments to consider, the ones to avoid and the issues to factor in before taking a decision.

Ulips are not for last minute pick: Unit-linked insurance plans (Ulips) are best avoided for investment at this point of time, according to financial experts.

People want a receipt immediately to show a proof of investment at their offices.
So they often end up choosing a Ulip product on their colleague's recommendation. Specifically, stay away from the ones that come with the pledge of `highest NAV guarantee'. People may not have the time to check out various Ulip plans and the charges levied on them. So it is better to avoid them at this point

Go with assured return products: Some of the best investment options can be Public Provident Fund (PPF) or a good term policy. Also non-market related instruments such as retirement plans, post office schemes or pension plans could be good options, financial planners say. While returns on such products can be conservative, they are assured returns and these are safe instruments.

HRA plus home loan benefit: If you are eligible to avail the benefits of both house rent allowance (HRA) exemption and housing loan interest, go for it. In cases where an employee owns a house and stays in a rented house for various reasons, s/he can get the benefit of both HRA exemption as well as exemptions available on a home loan.

This is applicable even i in cases where both the owned and rented houses are in the same city.

Go beyond the Rs 100,000 limit: It is possible to go beyond the Rs 100,000 investment bracket under Section 80C to gain tax benefits. Investing in a mediclaim policy can help you get additional tax exemption for up to Rs 15,000, while investing in infrastructure bonds can add another Rs 20,000 to your exemption limit

Factor in age and risk-taking ability: A 56-year-old father may advice his 25 year old son to invest in National Savings Certificate (NSC) for tax exemption. NSC is a good option for the father, who is close to retirement and cannot take risks, as it is a safe investment avenue.

But the 25-year-old son can take risks and invest in equity-linked saving schemes (ELSSs) that offer higher returns.

Early birds get the worm: It is common knowledge, but is worth repeating that starting to plan early for tax-saving has its own benefits.

The best time to start is the April-June period when one submits the investment plan for the year. When you know that you have to invest Rs 100,000 by the end of the year, it is better to take a systematic investment plan and invest about Rs 9,000 a month rather than investing the whole sum in the last few months and go without salary for a month or two.