Service light on

What do you mean? Of course it can handle it.

Is it the service light or an engine code light? Service light can be turned off by the rubber plug on the dash. It is the small plug that looks just like the one that covers the odometer stem. Pull the plug out and stick an ink pen refill in the hole and push gently till it trips the reset switch.

Can you tell about Volvo generator indicator bulb 12V-watt? Thank you very much

I really don't understand what you are trying to ask, Yes it is 12Volts Wattage is about 2 watts I"m guessing, It's the same bulb as the rest of the dash indicator lights. If it's burned out and depending on what year and model you have then it can make the generator not charge,