3- 80C Benefit & 4- Life cover
You will get these benefits and also 80D for health riders, if you opt.

Is there any other plan where I can look for 5-7 years for investment with 20-30 K premium per annum?
For investment short term (5-10 Years) go for Gold, FDs, Post Office RDs.
For long term (10-15 years) go for PPF, mutual funds and shares with some expert advice.

Buy term plan first