Hi Priya,
You can have a third party insurance. By law your car should be insured no matter if its a third party or comprehensive. (as far as my knowledge)
But i suggest that you should first understand the difference b/w the two:

Comprehensive Insurance Coverage is insurance coverage that helps pay for losses to an insured car due to fire, theft, or other losses that are not the result of a collision as stated in the insured's policy. An insurance deductible can apply depending on the insured's requests at the start of the policy. In most states this is an optional coverage and is not usually a required coverage. (note: Colliding with an animal falls under comprehensive insurance coverage)

About Third Party Insurance
Third Party Insurance covers:

a) Personal Injury
b) Property damage

Third Party Insurance cover for Personal Injury includes:
   1. Liability for death or injury to third parties - this means that you are insured against death or injury (caused by your vehicle) to pedestrians, occupant of other vehicles, and outsiders other than passengers, for unlimited amounts. Passengers of private vehicles and pillion riders are also deemed covered.
   2. Liability to employees connected with operation of the vehicle - this means you are insured against death or injury (caused by your vehicle) to the vehicle's drivers, cleaners, conductors, coolies etc. , employees used in the operation of the vehicle.

Liability to passengers carried in the vehicle for hire or reward - this means that as an owner of a taxi, bus or auto - rickshaw, you are insured against death or injury (caused by your vehicle) to the passengers

I hope now you can decide better.
Cheers! :-)

In simple terms the third party insurance is for the person or property damaged by your vechicle and nothing for you and your vehicle.

So the call is yours as to what you wish to have.