As per the previous reply, the oil light coming on and then going on with the ignition switch on as a self test.
The note about "where provided" refers to the text message on the display- all cars will have the warning light but some may not be fitted with the display that will show a text warning.
The garage are right - it isn't a low oil level warning light and it is possible for a small drop in oil pressure (such as you might see on a very old engine) not to trigger the oil warning light and in a diesel the light operates slightly different.
As per the handbook, the function of that light (in both petrol and diesel cars) if it comes on constantly is to alert you to a dangerous sudden drop in oil pressure (such as an oil pump failure, very low oil level or a catastrophic oil leak). The only advice if that light comes on is to STOP THE ENGINE ASAP (WITHIN SECONDS) or you may cause terminal engine damage.Do not drive the vehicle to the dealership, have it towed or low loadered.
The second function of the light, as per the handbook, is if it flashes on and off. This is only, AFAIK, implemented in diesel engined cars (possibly the twinair too. Definitely not 1.2 or 1.4 engines). In diesels, the oil is gradually contaminated with diesel (mostly due to cleaning the exhaust soot filter). This contamination reduces the ability of the oil to do its job properly.
The engine management system can infer the condition of the oil from various parameters* (engine run time, engine operating conditions, number of filter cleaning cycles run). Once the system detects the oil is likely to be contaminated, the oil warning light will flash (and again, if the display is fitted there will be a text message shown) to alert you that the oil and oil filter needs to be changed and the oil degradation parameter stored within the management system needs to be reset to "clean oil" status. In that case, book it in for an oil etc. change ASAP. Avoid excessive driving.
TL;DR:
You will have the oil light.
Oil light on constantly or pulsing on/off: STOP DRIVING IMMEDIATELY AND SWITCH THE ENGINE OFF. HAVE IT RECOVERED, DO NOT DRIVE.
Oil light continuously regularly flashing on a diesel: Book in for an oil change ASAP.
* For the n-th time, the 500 does not have an oil condition sensor.