ELSS means Equity Linked Saving Schemes. They are the investment –savings scheme by mutual funds where the funds in full or part is deployed in equities or shares of companies. ELSS are popular as Tax saver schemes which are given rebate under Income Tax. In them about 65% of the funds are invested in various stocks or equities.
The ELSS investment are preferred for their tax benefits and also for the shorter lock in period in comparison to the other tax benefit savings like PPF etc. However unlike PPF, NSC , Tax saver fixed deposits tc there is no guaranteed return. It depends on the returns from the invested stocks. There was a time when ELSS gave handsome return also. It is just like investing in other MF products.
You may have do some homework and select a suitable product from the many products available. It is better to start with an established fund house and product- ie. having a good track record. You may see the historic return. Though it may not hold god for future, it can give some idea. You may choose lump sum investment or SIP.
Just to give you some example to give initial lead, there are popular ELSS products like Franklin India Taxshield ,ICICI Prudential Long Term Equity Fund,Axis Long Term Equity Fund,Reliance Tax Saver Fund,•IDBI Equity Advantage Fund etc .etc. You may get more details from the financial newspapers, magazines or the brochures from MF houses. You can also get details from the web sites of individual fund houses.