ELSS vs PPF vs ULIP: Which is the most tax-efficient bet? Each investment option has its own pros and cons, as well as a sector to which it belongs. In the case of the Equity Linked Savings Scheme (ELSS), Public Provident Fund (PPF), and Unit Linked Insurance Plan (ULIP), ELSS falls under the equity category, PPF under the debt category, and ULIP is an insurance product.