Dear Member,
The formation of HR Policy depends upon the company structure, management strategy, budget, No. of employees, Salary structure etc.
There are certain basic policies for compliance of various acts and to avoid employee disputes (Policy on Leave, Attendance, Recruitment, Appointment, Appraisal, Travel, Separation, reimbursement, LTA etc).
In case of huge no. of employees, huge budget and management employee friendly approach there could be more policies like Loan, Occasional celebrations, Staff Promotion, Accidents, Employee Grievances etc.
First you have to choose which basic policies you want to implement in your company. I would suggest to first go with basic policies than on basis of your experiences and employees feedback implement other policies.
Keep the policies updated as per prevailing norms and company requirements.
Fellow members can throw more light on the matter.