I am not aware of such a global setting for a snapshot retention policy.
But since 6.5u2 or 6.7u1 there is a automatic delete for update manager generated snapshots when doing vmware tools updates.
You can set this when planning the machines vmware tools update below.
Is that what you are looking for?
Otherwise you could plan a Task with PowerCLI (Schedule snapshot creation and removal? ) or use vRealize Orchestrator to do it.