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which is more aggressive investment instrument?

The ELSS fund is a 3 year scheme. Most funds are open ended and you can stay invested after 3 years. Each investment into the elss fund needs to be kept for 3 years. A ULIP has a cumulative lock in of 3 years. (all 3 year premiums can be withdrawn once the lock in expires. Both provide tax free returns. The ELSS fund is completely invested in equities, in the case of the ULIP Switches can be made between funds. Intra fund switches are not taxable in the case of the ULIPs. The ULIPs provide you with life cover while the MF does not. ULIPs are higher cost in the short term (less than 6 years); in the long term, some ULIPs can be cheaper than MFs due to the lower fund management charges. A ULIP should only be considered if the investment horizon is greater than 6 years. Weigh the pros and cons before investing.