Should I continue my SIPs in these ELSS mutual funds?
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I started SIPs of Rs 6,000 in May 2015 in three mutual funds: Axis Long Term Equity Fund (Rs 3,000), ICICI Prudential Long Term Equity Fund (Rs 1,500) and IDFC Tax Advantage (Rs 1,500).
I chose these ELSS funds to show deductions under section 80C at that time. But now I can show deductions through my PF contribution and LIC. I am a long term investor and can remain invested for around 10 to 15 years.
Kindly advise:
Should I continue my SIPs in these funds? If not, which funds should I choose?
Which is the best fund for a lumpsum/one-time investment of Rs 60,000.
--Manpreet Singh Chadha
Chokkalingam Palaniappan, Director, Prakala Wealth Management, responds:
If you do not need tax-saving investments in mutual funds, you can discontinue your three SIPs. You can stop them and start investing in non-ELSS mutual funds. You may consider investing Rs 3,000 in Invesco India Growth Opportunities Fund and the remaining Rs 3,000 in Mirae Asset Hybrid Equity Fund.
For your lumpsum investments, you can divide the amount equally between the above recommended mutual fund schemes.
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