Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 3 terms
Equity Linked Savings Scheme — a fund category required to hold at least 80% in equity, carrying a three-year lock-in and a tax deduction available under the old regime.
The lock-in is described as the cost and is arguably the benefit: three years in which you cannot redeem in a panic.
The scheme categories SEBI mandates, each specifying what a fund must hold — largecap, midcap, smallcap, flexicap, multicap, ELSS, hybrid and index among them.
The label is a legal constraint on holdings, not marketing, which is what makes thousands of schemes comparable. It also fixes the only valid comparison: same category, against the fund's own declared benchmark.
The old-regime deduction of up to ₹1.5 lakh covering EPF, ELSS, PPF, life premiums and home loan principal.
The reason offices fill with insurance agents every January. Useful for what you were paying anyway, expensive for anything bought to fill it.