HDFC Life Pro Growth Plus is a unit linked insurance plan and not a mutual fund scheme. We do not recommend it as we believe it is always better to keep investments separate from insurance. You have age on your side and you can stay invested for a longer period of time. We assume there is a mandatory EPF contribution with your employer. Therefore to improve your long term returns, it would make sense to invest higher sums in equity investments rather than the PPF. But if you are risk averse then you can invest R1 lakh in PPF and the remaining R50,000 in one of the ELSS funds. ELSS funds are equity mutual funds for which initial investments are eligible for section 80C benefits under the Income Tax Act.

Based on their track record, we think funds like Quantum Tax Savings, Axis Long Term Equity, ICICI Prudential Tax Plan or Franklin Taxshield fit the bill. Use the SIP route to make these investments so that you are not exposed to timing risks and get the benefit of rupee cost averaging. Tax planning should begin at the start of the financial year instead of being delayed to the last minute.

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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