It’s good tax saving investment option which can provide you good returns depending on the stock market performance. But it carries a bit higher risk.
Risk is reduced a bit if you opt for SIP mode of as it averages market fluctuations.
Depending on the holding period of each lot of SIP it will be treated as Short term or long term. But this question may not arise as generally these comes with lock in of 3 years and being equity fund long term gain shall be exempt.