Life cover should be at least 8-10 times your annual income. For instance, ELSS funds have given very good returns till now and are a better investment option than a Ulip. ELSS funds have a short lock in period of three years. Also keep in mind that ELSS funds do not bind you into a multi-year investing commitment. If an ELSS fund does not do well, you can stop your SIPs and not buy that fund again.

Source: Mint January 11, 2022 06:02 UTC