Bhubaneswar, Feb. 1 -- ELSS (Equity Linked Saving Scheme) is a popular mutual fund that offers tax benefits under Section 80C of the Income Tax Act, allowing investors to claim deductions of up to Rs 1.5 lakh on investments in this fund.

Like most investments under this section, ELSS funds too come with mandatory lock-in periods - of three years.

Many investors who dip their toes into equity markets have some ground rules that involves time in the market. It is believed equities will only benefit investors in case it is held for several years. Investors should not be perturbed by short-term stock market fluctuations as these generally smoothen out over time.

Warren Buffett, has also alluded to the virtues of long-term investing when he...