My PF and term insurance cover my 80C limit of Rs 1.5 lakh. I am hence planning to stop my SIPs in ELSS funds and invest the money elsewhere. What can be an appropriate replacement?
You can consider two-three good multi-cap funds. Although they do not have any lock-in period, consider them as locked-in for at least five years in your mind. Having that mindset will be very helpful.
Also, consider investing Rs 50,000 in NPS. It will further help you save tax under Section 80CCD (1B). This deduction is available over and above the Rs 1.5 lakh limit under Section 80C. But this money will be virtually locked-in till your retirement.