Lock-in period

A lock-in period is a minimum holding period during which an investment cannot be redeemed without penalty (or at all). PPF has a 15-year lock-in. ELSS has 3 years. NPS Tier-1 is locked till 60. Tax-saving FDs have a 5-year lock-in. ULIPs typically lock for 5 years.

Lock-ins force discipline but reduce flexibility. They're often the price of tax benefits.