Use ELSS Mutual Fund and Term Insurance Plan to Save Tax in 2015

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If one is employed with a company that is covered under the employees provident fund (EPF) scheme, then he/she should find out how much he/she is paying in the same. Then one should take a term plan. In case you don't have a PF, you should invest in a public provident fund (PPF). But before investing, you should also be sure if you can lock in your money for 15 years or so. Then you should decide if you are better off by investing in an ELSS or you can have both — a PPF and ELSS. Some of the banks are allowing investors the option to invest each month in PPF through a onetime instruction. But here, make sure to invest by the 5th of every month to get the full interest in your account.

Suppose after taking care of your EPF and the term plan payments, you are still left with Rs 50,000 to cover your full quota under the Rs 1-lakh limit under section 80C of the act.

In that case, you can have an SIP in an ELSS of an amount that is a little over Rs 4,000 per month, so that at the end of the year you are fully covered with your Rs 1 lakh limit.

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