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I recall when I was young (about 30+ years ago) I saw on TV a movie about a civilization (possibly humans in the future) with limited life span (they died young) and if I recall correctly an integrated red light indicator in their hands showing when they were about to die. When the light indicator turned on or turned off (I dont recall exactly) it meant they were about to die soon.

Does anyone have an idea which movie it could be?

You're describing Logan's Run.

In the year 2274, the remnants of human civilization live in a sealed
city contained beneath a cluster of geodesic domes, a utopia run by a
computer that takes care of all aspects of their life, including
reproduction. The citizens live a hedonistic life but in order to
maintain the population levels everyone must undergo the rite of
"Carrousel" when they reach the age of 30. There, they are vaporized
and ostensibly "renewed". To track this, each person is implanted at
birth with a "life-clock" crystal in the palm of their hand that
changes color as they get older and begins blinking as they approach
their "Last Day". Most residents accept this promise of rebirth, but
those who do not and attempt to flee the city are known as "Runners".
An elite team of policemen known as "Sandmen", outfitted in
predominantly black uniforms and serving in an agency of the city
called "Deep Sleep", are assigned to pursue and terminate Runners as
they try to escape.

This is the 1976 film or 1977 TV series Logan's Run. The post-apocalyptic inhabitants of a domed city have crystal life clocks embedded in their palms. When they reach 30 years old (21 in the novel), the clock starts blinking and the must participate in a ritual called 'Carousel' to continue living. In actuality, nobody survives it.