Can we apply multiple policy for a record, eg: Geolocation and Geoproximity together?
Well, you can create multiple Route 53 rules that work together to route traffic for more complex situations. This is called Traffic Policies.
You can also have multiple records for a given DNS name that forward to different endpoints…for example. "www" might forward to a South American EC2 instances for traffic coming from Brazil and you might also have a catch-all rule to route everything else requesting "www" to some server in Europe.