In your journey towards wealth creation, a carefully created investment plan is very important. Generally, you can invest in asset classes of three broad categories: high-risk investment like equities, a low-risk investment like fixed deposits or government bonds and lastly, tax saving mutual funds. Today, tax saving mutual funds or the Equity-linked Savings Scheme (ELSS) is one of the most popular investments in India. Equity Linked Savings Scheme is an equity based mutual fund, which provides you with tax-benefits under Section 80C of the Income Tax Act. ELSS Mutual Funds have a minimum lock-in period of three years.