What is the primary difference between ELSS and ULIP?

ELSS is a type of mutual fund, while ULIP is an insurance product. ELSS has a shorter lock-in period than ULIP. ELSS invests primarily in equity, while ULIP offers a mix of investment options. All of the above

What is the lock-in period for ELSS investments?

3 years 5 years 7 years 10 years

Which of the following statements is true regarding the tax benefits of ELSS?

ELSS offers tax deductions under Section 80C of the Income Tax Act. Long-term capital gains (LTCG) from ELSS are tax-free. Returns on ELSS investments are tax-free. Both A and C

What are the charges associated with ULIPs?

Premium allocation charges Fund management charges Mortality charges All of the above

Which investment option generally offers higher returns, ELSS or ULIP?

ELSS ULIP Both offer similar returns Returns depend solely on market performance

What is the main advantage of ELSS in terms of liquidity?

It has a shorter lock-in period compared to ULIP. It can be easily sold on the stock exchange. It offers higher returns than ULIP. Both A and B

What is the primary purpose of the lock-in period in ELSS and ULIP?

To ensure investors stay invested for a longer term. To prevent premature withdrawal of funds. To allow investors to reap long-term investment benefits. All of the above

Which of the following is a key factor to consider when choosing between ELSS and ULIP?

Investment goals Risk appetite Financial situation All of the above