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.