Create an information management policy for a list or library If your organization needs to apply a specific information management policy to a very limited set of content, you can create an information management policy that applies only to an individual list or library. This method of creating an information management policy is the least flexible, because the policy applies only to one location, and it cannot be exported or reused for other locations. However, sometimes you may need to create unique information management policies with limited applicability to address specific situations.
Information management policies link on settings page for document library
You can create an information management policy for a list or library only if that list or library does not support multiple content types. If a list or library supports multiple content types, you need to define an information management policy for each individual list content type that is associated with that list or library. (Instances of a site content type that are associated with a specific list or library are known as list content types.)
To control which policies are used in a site collection, site collection administrators can disable the ability to set policy features directly on a list or library. When this restriction is in effect, users who manage lists or libraries are limited to selecting policies from the site collection Policies list.