What is an ELSS fund, and how do they help in tax planning?

Equity-linked savings schemes (ELSS) are open-ended equity mutual fund schemes, by investing in which you can avail tax benefits up to ₹1.5 Lac under section 80C. ELSS have a 3-year lock in period and cannot be redeemed before the timeframe. ELSS have the lowest lock-in tenure among the tax saving investments under section 80C.