Instead of this you can go for SBI Saral Shield - http://www.sbilife.co.in/sbilife/ima...d_brochure.pdf

For Sum Insured of 750,000; Premium = Rs. 15402 (Age 30)
Remaining amount (Rs15000) you can invest in ELSS MF (you will also get Income tax rebate) and as 10% return (compounded annually) you will get - Rs. 54615/-. Which is better than 30000/-.