Tax Saving exercise is done only when the accounts department chases employees for a declaration and proof, giving a deadline for submission.  Most of the people take an insurance policy (because an insurance agent calls exactly at that time / that is the only souce known for most people to get tax exemption).  Actually there is more to tax saving than insurance and more deductions are available than sec 80c

Sec 80C and Sec 24 : Home loan availed could be used to get deduction under sec 80C.  Principal repayed during the financial year can be used for exemption under 80C subject to a maximum of 1 lakh.  If the house for which loan was availed is self occupied, an additional 1.5lakh can be claimed under sec 24 towards repayment of interest

Sec 80D : Maximum deduction you can claim is Rs.15000/- a year.  If you are a senior citizen, you can claim upto Rs.20000/- a year.  A mediclaim policy gives you cover in case of unforeseen medical expenses in addition to providing tax benefit for the financial year.  If you pay the premium for mediclaim of your parents (who may not be dependant on you) a joint deduction of Rs.35000/- a year could be claimed.

Sec 80G : Charity is rewarded.  Depending on the beneficiary, part or entire amount of donation could become a deduction under this section.

Sec 80GG : The rent paid to live in your house gets tax break.  To be eligible you should not own a residential accomodation in India or abroad.  Rent receipts have to be produced as proof. The deduction you get is the least of -
1) Rs.2000/- per month, or
2) 25% of your total income, or
3) Excess of rent paid over 10% of total income

Tution fees (Sec 80C) - School fees of up to 2 kids paid in a year is eligible for deduction.  Receipts to be provided along with the return.  Pay by cheque preferably.

Some of the instruments available other than life insurance schemes are...

1) PPF
2) EPF
3) NSC
4) FD (5-year duration)
5) Senior Citizens Savings Scheme
6) ELSS (Mutual Fund)
7) NPS (New Pension Scheme)