Can I invest in ELSS mutual funds to create a corpus of Rs 1 crore?

Is SIP in ELSS mutual funds better option for long term wealth creation? I want to create a corpus of Rs 1 crore in 25 years.
--Natarajan P Vasudevan

Gaurav Monga, Director , PxG Consultants, responds:

ELSS mutual funds qualify for a tax deduction of up to Rs 1.5 lakh under section 80C of the Income Tax Act. It also has a mandatory lock-in period of three years. But investments can be held for as long as an investor wants. So, if wealth creation along with tax-saving is your goal, then ELSS is a good investment option.

But if you are looking for a pure investment option, you can invest in a multi cap mutual fund. You may consider to invest in Kotak Standard Multicap Fund, SBI Magnum Multicap Fund, and Axis Multicap Fund.