Who among the following is not restricted from entering into an insurance contract?

Individuals who are considered competent, like retired persons, can enter into insurance contracts without any restrictions. In contrast, other groups such as minors, incompetent parties (such as those declared mentally unfit), and individuals under the influence of drugs or alcohol are restricted from legally entering into such contracts due to their inability to fully understand or engage with the terms and obligations involved.

Minors are not legally able to contract for insurance due to their age, which limits their legal capacity. Similarly, incompetent parties lack the mental capacity to understand the consequences of their commitments. Those under the influence of drugs or alcohol may not be able to make informed decisions or grasp the terms of the contract, making any agreement potentially voidable.

Therefore, retired persons remain unaffected by these restrictions and can freely enter into contracts, including insurance agreements. They possess the requisite capacity and understanding to enter into such legally binding arrangements.