Can I invest in Axis Long Term Equity Fund?

I am interested in investing in Axis Long Term Equity Fund (open-ended, growth option, direct plan). I want to start an SIP of Rs 500 per month. My monthly salary is less than Rs 25,000. I am 35 years old. This investment is for my retirement. I may increase the SIP amount later. Please advise.
--Raghavan Veera

Axis Long Term Equity Fund is an Equity Linked Saving Scheme (ELSS) or tax saving scheme. Investments in an ELSS help you to save taxes of up to Rs 1.5 lakh in a financial year under Section 80C of the Income Tax Act. These schemes come with a mandatory lock-in period of three years. That means you cannot sell these schemes during the lock-in period. You can use these schemes to build your retirement corpus, provided you understand the nature of the scheme.

You can start investing with whatever you can invest right away. However, you must increase your investments to build a decent corpus for your retirement. Remember, investing a small amount regularly over a long period is the best way to build a large corpus. You would be surprised by the result of long-term investment - the power of compounding interest would help you to multiply wealth over 20 or 25 years.