Equity Linked Saving Schemes (ELSS) :
If you are willing to bear a very high risk for a very high return, then you must consider an investment in ELSS.
It gives you a high return of around 10-12% if the stock markets do well but can also result in severe losses if the market crashes.
You also enjoy a tax deduction under Section 80 C, up to INR 1.5 Lakhs on the money invested in the ELSS.
ELSS also enjoys "EEE" status which means the money invested in the ELSS, The money accumulated with time and the maturity amount (Withdrawn after 3 years) are free of tax. Since you are forced to invest in the ELSS for at least 3 years you are a long term investor and can get good profits.