According to octet rule, atom tends to have 8 electrons in the valence shell to attain stable configuration.
Significance: It explains the reason behind the chemical combination of different atoms to form ionic or covalent bond.
Limitations :
(1) Hydrogen with 1 electron attains stability by sharing, gaining or losing 1 valence electron. It does not need to complete octet to attain stability. Also, He has only 2 electrons and is stable.
(2) Incomplete octet: In certain molecules such as BeH2, BeCl2, BH3, BF3, the central atom has less than 8 electrons in its valence shell, yet the molecule is stable.
(3) Expanded octet: In certain molecules such as PF5, SF6, IF7, H2SO4, the central atom has more than 8 valence electrons, yet the molecule is stable.