Will ELSS offer better returns than PPF?

I have two queries: One, will ELSS give better returns than PPF? Two, my father is a retired person. He wants to save some taxes under Section 80C against his pension. Could you please suggest me two to three ELSS funds and what could be the ideal monthly investment in those funds?
--Arnab Sarkar

Equity Linked Savings Schemes or ELSSs qualify for tax deductions under Section 80C of the Income Tax Act. You can invest in them and claim a tax break of a maximum Rs 1.5 lakh in a financial year. ELSSs are equity mutual fund schemes that invest mostly in stocks. Since they invest in stocks, they are risky and they also have the potential to offer superior returns than other investments permitted under Section 80C. They come with a mandatory lock-in period of three years, again the shortest lock-in period among the permitted investments under Section 80C. The ideal amount you can invest in an ELSS depends on your tax saving plans for the financial year. Your EPF contribution, life insurance premium, etc are covered under Section 80C. So, you will have to find out how much actually you need to save under Section 80C before finalising your ELSS investments.