Is there any disadvantage to ELSS funds compared to any other funds?

ELSS funds have a three year lock-in compared to other funds. If your life goals demand liquidity earlier than that you should be looking at open ended equity funds with no lock in.

Now while a 3 year lock-in appears high, compared to PPF it is much less. PPF has a lock-in of 15 years. Most insurance policies which masquerade as investments have a 10 year lock in (in fact surrender is not a viable option in them).

The following shows the return comparison between these options too.

Invest in a direct mutual fund platform such as Jama.co.in

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