Q:

Windows like Restore option in OSX

Windows provide a facility to restore state of OS in case of getting corrupt by loading it up from Hard drive.  Is there anything like that available for OSX? 

A:

No, Windows offers different recovery features than OS X.
Particularly Windows is creating automatic (and allowing manual creation of) system restore points. 

Restore points are created to allow users a choice of previous system states.  Each restore point contains the necessary information needed to restore the system to the chosen state.  Restore points are created before key changes are made to the system. 

These restore points are actual copies of the registry, device drivers, and other configuration and take up disk space on the system drive. 

With OS X no such system-level backups are taken (or no control over them is given to the user). 
Instead Apple takes a different approach in which it protects the core system files and configuration by making them immutable or by observing tough control over their modifications. 
SIP (System Integrity Protection) with respect to file system protection in theory ensures that applications and unsigned drivers installed by the user won't mess (either maliciously or through negligence) with the core system configuration so that it will always boot to a good state (and the need for restoring to the last known good state would be eliminated). 

Either Windows or OS X allow system reinstall without deleting user files.