What are voluntary and involuntary insurances?

Voluntary insurance is an optional insurance which is taken by an individual or a company by their own wish. Private insurance is usually a voluntary insurance which includes automobile insurance, workers compensation insurance etc. Only 3% of India’s population is covered under voluntary health insurance and there is scope for expansion. 

Involuntary insurance comes under public sector where the individual is liable to take up insurance by law. It is usually taken for social development, unemployment or for the protection of particular class of people in the society.