JM ELSS - Tax Saver Fund vs LIC MF Unit Linked Insurance Scheme (ULIS)
Direct Plan, Growth option · Data as on 30-10-2026
JM ELSS - Tax Saver Fund and LIC MF Unit Linked Insurance Scheme (ULIS) are both ELSS funds. In the 3 years to 30-10-2026, JM ELSS - Tax Saver Fund (Direct) returned 15.6% a year and LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) returned 7.1% a year. JM ELSS - Tax Saver Fund charges 1.34% a year and LIC MF Unit Linked Insurance Scheme (ULIS) 1.80% (Direct plans). Their portfolios overlap 13.2%: they hold 8 of the same securities.
JM ELSS - Tax Saver Fund
ELSS
- 3 year return
- 15.6%
- Expense ratio
- 1.34%
- NAV
- ₹57.26
LIC MF Unit Linked Insurance Scheme (ULIS)
ELSS
- 3 year return
- 7.1%
- Expense ratio
- 1.80%
- NAV
- ₹39.28
Which is better, JM ELSS - Tax Saver or LIC MF Unit Linked Insurance Scheme (ULIS)? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM ELSS - Tax Saver returned more over 5 years: 12.3% a year against 6.2%.
- JM ELSS - Tax Saver returned more over 3 years: 15.6% a year against 7.1%.
- JM ELSS - Tax Saver costs less: 1.34% a year against 1.80% (Direct plans).
- LIC MF Unit Linked Insurance Scheme (ULIS) swung less over 3 years: a standard deviation of 10.5% a year against 16.1%.
- LIC MF Unit Linked Insurance Scheme (ULIS) fell less in its worst fall since 16-06-2015: −31.0% against −37.4%.
- LIC MF Unit Linked Insurance Scheme (ULIS) is the larger fund: ₹424 Cr against ₹240 Cr.
- Their portfolios overlap 13.2%: 8 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | JM ELSS - Tax Saver Fund | LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| Fund house | JM Financial Mutual Fund | LIC Mutual Fund |
| Category | ELSS | ELSS |
| AUM | ₹240 Cr (30-09-2026) | ₹424 Cr (30-09-2026) |
| NAV | ₹57.26 (Direct) | ₹39.28 (Direct) |
| Expense ratio (Direct) | 1.34% | 1.80% |
| Expense ratio (Regular) | 2.68% | 2.79% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | CRISIL Hybrid 35+65 - Aggressive Index |
| Launch date | 31-03-2008 | 19-06-1989 |
| Minimum investment | ₹500 | The Scheme has stopped taking new subscriptions (Lumpsum or SIP) from prospective investors. Furthermore, no additional purchase from the existing investors is accepted hereon, with effect from July 01, 2022, till further notice. |
| Lock in | 3 years | 3 years |
| Fund managers | Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar | Siddharth Panjwani, Pratik Harish Shroff |
| Exit load | Nil | Nil (Lock-in Period:- Repurchase after lock-in period of 3 years from the date of Investment.) |
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | −3.36% | −4.03% | +5.11% | −1.27% | +15.60% | +12.32% | +15.40% |
| LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) | −2.20% | −4.03% | +0.42% | −4.81% | +7.06% | +6.23% | +9.91% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 50 ELSS funds, same plan type.
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): Year-wise Returns
| Year | JM ELSS - Tax SaverJM ELSS - Tax Saver | LIC MF Unit Linked Insurance Scheme (ULIS)LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| 2026to date | −0.54% | −3.48% |
| 2025 | +3.83% | +3.67% |
| 2024 | +30.64% | +12.96% |
| 2023 | +32.19% | +17.69% |
| 2022 | +1.47% | +1.20% |
| 2021 | +33.15% | +26.69% |
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of JM ELSS - Tax Saver Fund
Rolling returns
Every 3-year holding period, 2,061 of them, one for each trading day from 18-06-2018 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
JM ELSS - Tax Saver Fund (Direct)
LIC MF Unit Linked Insurance Scheme (ULIS) (Direct)
BSE 500 TRI
to
Feb 2019Jul 2017
to
Jul 2020Dec 2018
to
Dec 2021May 2020
to
May 2023Oct 2021
to
Oct 2024Feb 2023
to
Feb 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver | 1.7 | 6.0 | 3.0 | 16.5 | 35.8 | 25.2 | 11.7 | 17.5% | 17.8% | −3.5% | 33.2% | 89% |
| LIC MF Unit Linked Insurance Scheme (ULIS) | 0.4 | 7.5 | 24.6 | 49.2 | 15.7 | 2.6 | 0.0 | 11.5% | 11.4% | −1.3% | 23.2% | 11% |
| BSE 500 TRI | 2.4 | 5.5 | 8.4 | 30.4 | 35.7 | 13.3 | 4.3 | 15.0% | 15.3% | −6.2% | 33.9% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is BSE 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 16-06-2015. Past returns do not promise future returns.
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-06-2015 to 30-10-2026: 137 instalments, ₹13,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct) | ₹13,70,000 | ₹35,38,618 | ₹21,68,618 | 15.7% |
| LIC MF Unit Linked Insurance Scheme (ULIS)LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) | ₹13,70,000 | ₹23,89,476 | ₹10,19,476 | 9.3% |
JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct)
LIC MF Unit Linked Insurance Scheme (ULIS)LIC MF Unit Linked Insurance Scheme (ULIS) (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM ELSS - Tax Saver Fund (Direct) | LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) |
|---|---|---|
| Return (CAGR) | −1.27% | −4.81% |
| Standard deviation | 15.50% | 11.55% |
| Sharpe ratio | -0.42 | -0.87 |
| Sortino ratio | -0.56 | -1.17 |
| Maximum drawdown | −16.9% (23-03-2026) | −12.1% (30-03-2026) |
| Beta | 1.04 | -- |
| Alpha | +6.93% | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | JM ELSS - Tax Saver Fund (Direct) | LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) |
|---|---|---|
| Return (CAGR) | +15.60% | +7.06% |
| Standard deviation | 16.06% | 10.48% |
| Sharpe ratio | 0.60 | 0.10 |
| Sortino ratio | 0.80 | 0.14 |
| Maximum drawdown | −20.9% (07-04-2025) | −13.9% (30-03-2026) |
| Beta | 1.08 | -- |
| Alpha | +5.41% | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | JM ELSS - Tax Saver Fund (Direct) | LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) |
|---|---|---|
| Return (CAGR) | +12.32% | +6.23% |
| Standard deviation | 15.58% | 10.72% |
| Sharpe ratio | 0.42 | 0.04 |
| Sortino ratio | 0.56 | 0.05 |
| Maximum drawdown | −20.9% (07-04-2025) | −14.8% (17-06-2022) |
| Beta | 1.04 | -- |
| Alpha | +3.55% | -- |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | JM ELSS - Tax Saver Fund (Direct) | LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) |
|---|---|---|
| Return (CAGR) | +16.16% | +9.29% |
| Standard deviation | 16.95% | 12.29% |
| Sharpe ratio | 0.60 | 0.30 |
| Sortino ratio | 0.81 | 0.40 |
| Maximum drawdown | −37.4% (23-03-2020) | −31.0% (23-03-2020) |
| Beta | 1.02 | -- |
| Alpha | +3.19% | -- |
From daily NAVs, 02-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
JM ELSS - Tax Saver Fund (Direct)
LIC MF Unit Linked Insurance Scheme (ULIS) (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | −37.4% | 19-02-2020 | 23-03-2020 | 10-11-2020 | 8 months | −7.2% |
| LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) | −31.0% | 12-02-2020 | 23-03-2020 | 03-12-2020 | 8 months | −6.8% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 16-06-2015, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM ELSS - Tax Saver Fund (Direct)
LIC MF Unit Linked Insurance Scheme (ULIS) (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM ELSS - Tax Saver Fund (Direct)
LIC MF Unit Linked Insurance Scheme (ULIS) (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM ELSS - Tax Saver Fund (Direct)
LIC MF Unit Linked Insurance Scheme (ULIS) (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | 104% | 92% | 5.55% |
| LIC MF Unit Linked Insurance Scheme (ULIS) (Direct) | 76% | 76% | 5.59% |
From month-end values since 16-06-2015. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): Portfolio Overlap
From each fund's latest monthly portfolio: JM ELSS - Tax Saver Fund, September 2026; LIC MF Unit Linked Insurance Scheme (ULIS), September 2026
Holdings in common
- Overlap
- 13.2%
- Held by both
- 8
- Only in JM ELSS - Tax Saver
- 45
- Only in LIC MF Unit Linked Insurance Scheme (ULIS)
- 40
| Security | % of JM ELSS - Tax Saver | % of LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| Bharti Airtel Limited | 2.41% | 3.31% |
| Eternal Limited | 2.08% | 2.56% |
| Navin Fluorine International Limited | 1.65% | 2.62% |
| Bajaj Auto Limited | 1.63% | 3.97% |
| Zydus Lifesciences Limited | 1.49% | 2.30% |
| CarTrade Tech Limited | 2.30% | 1.37% |
| Bajaj Finance Limited | 1.94% | 1.36% |
| ICICI Bank Limited | 2.67% | 1.25% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.2% means 13.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in JM ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| SYRMA SGS TECHNOLOGY LIMITED | 3.41% |
| One 97 Communications Limited | 3.31% |
| HDFC Bank Limited | 2.90% |
| Karur Vysya Bank Limited | 2.69% |
| Reliance Industries Limited | 2.64% |
Largest holdings only in LIC MF Unit Linked Insurance Scheme (ULIS)
| Security | % of fund |
|---|---|
| Divi's Laboratories Ltd. | 4.00% |
| Sona BLW Precision Forgings Ltd. | 3.91% |
| Solar Industries India Ltd. | 3.88% |
| Torrent Pharmaceuticals Ltd. | 3.62% |
| 7.63% State Government of Maharashtra | 3.53% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM ELSS - Tax Saver | LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| Equity | 98.9% | 76.3% |
| Debt | 0.0% | 14.1% |
| Cash and others | 1.1% | 9.6% |
Market cap of stocks
| Market cap | JM ELSS - Tax Saver | LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| Large Cap | 35.1% | 33.0% |
| Mid Cap | 18.2% | 19.6% |
| Small Cap | 45.5% | 19.9% |
| Not on AMFI's list | 0.0% | 3.9% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | JM ELSS - Tax Saver | LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| Banks | 12.4% | 4.5% |
| Pharmaceuticals & Biotechnology | 3.1% | 11.8% |
| Finance | 10.1% | 3.2% |
| Retailing | 6.4% | 8.8% |
| Auto Components | 3.5% | 6.8% |
| Chemicals & Petrochemicals | 1.6% | 6.5% |
| Electrical Equipment | 1.7% | 5.4% |
| Industrial Manufacturing | 5.0% | 1.9% |
| Commercial Services & Supplies | 4.9% | 0.0% |
| Automobiles | 4.7% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
JM ELSS - Tax Saver vs LIC MF Unit Linked Insurance Scheme (ULIS): Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM ELSS - Tax Saver Fund | LIC MF Unit Linked Insurance Scheme (ULIS) |
|---|---|---|
| Total expense ratio (Direct) | 1.34% | 1.80% |
| Base expense ratio (Direct) | 0.93% | 1.19% |
| Total expense ratio (Regular) | 2.68% | 2.79% |
| Base expense ratio (Regular) | 2.10% | 2.10% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare JM ELSS - Tax Saver with
Compare LIC MF Unit Linked Insurance Scheme (ULIS) with
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- LIC MF Unit Linked Insurance Scheme (ULIS) vs SBI Long Term Advantage Fund - Series V
- LIC MF Unit Linked Insurance Scheme (ULIS) vs WhiteOak Capital ELSS Tax Saver
- LIC MF Unit Linked Insurance Scheme (ULIS) vs HSBC ELSS Tax saver
JM ELSS - Tax Saver Fund vs LIC MF Unit Linked Insurance Scheme (ULIS): Frequently Asked Questions
What is the difference between JM ELSS - Tax Saver Fund and LIC MF Unit Linked Insurance Scheme (ULIS)?
Both are ELSS funds, run by JM Financial Mutual Fund and LIC Mutual Fund. Their portfolios overlap 13.2%. JM ELSS - Tax Saver Fund charges 1.34% a year and LIC MF Unit Linked Insurance Scheme (ULIS) 1.80%.
Which has given higher returns, JM ELSS - Tax Saver Fund or LIC MF Unit Linked Insurance Scheme (ULIS)?
Over 1 year: JM ELSS - Tax Saver Fund −1.27%, LIC MF Unit Linked Insurance Scheme (ULIS) −4.81%. Over 3 years: JM ELSS - Tax Saver Fund +15.60% a year, LIC MF Unit Linked Insurance Scheme (ULIS) +7.06% a year. Over 5 years: JM ELSS - Tax Saver Fund +12.32% a year, LIC MF Unit Linked Insurance Scheme (ULIS) +6.23% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM ELSS - Tax Saver Fund or LIC MF Unit Linked Insurance Scheme (ULIS)?
JM ELSS - Tax Saver Fund charges less: 1.34% a year against 1.80%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM ELSS - Tax Saver Fund and LIC MF Unit Linked Insurance Scheme (ULIS) overlap?
13.2%. They hold 8 of the same securities, the largest shared ones being BHARTIARTL, ETERNAL, NAVINFLUOR. From each fund's latest monthly portfolio.
Which is riskier, JM ELSS - Tax Saver Fund or LIC MF Unit Linked Insurance Scheme (ULIS)?
On SEBI's riskometer, JM ELSS - Tax Saver Fund is rated Very High and LIC MF Unit Linked Insurance Scheme (ULIS) Very High. Over 3 years, the standard deviation of daily returns was 16.06% and 10.48% a year.
Which is better for SIP, JM ELSS - Tax Saver Fund or LIC MF Unit Linked Insurance Scheme (ULIS)?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,40,555 in JM ELSS - Tax Saver Fund (XIRR 12.6% a year) and ₹6,99,999 in LIC MF Unit Linked Insurance Scheme (ULIS) (XIRR 5.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM ELSS - Tax Saver Fund and LIC MF Unit Linked Insurance Scheme (ULIS)?
Yes. 13.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM ELSS - Tax Saver Fund and LIC MF Unit Linked Insurance Scheme (ULIS)?
JM ELSS - Tax Saver Fund: Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar. LIC MF Unit Linked Insurance Scheme (ULIS): Siddharth Panjwani, Pratik Harish Shroff.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.