We present the findings of an experimental study whereby we correlate the changes in the morphology of the photoplethysmography (PPG) signal to healthy aging. Under this pretext, we estimate the biological age of a person as well as the age group he/she belongs to, using the PPG data that we collect via a non-invasive low-cost MAX30102 PPG sensor. Specifically, we collect raw infrared PPG data from the finger-tip of 179 apparently healthy subjects, aged 3-65 years. In addition, we record the following metadata of each subject: age, gender, height, weight, family history of cardiac disease, smoking history, vitals (heart rate and SpO2). We pre-process the raw PPG data to remove noise, artifacts, and baseline wander. We then construct 60 features based upon the first four PPG derivatives, the so-called VPG, APG, JPG, and SPG signals, and the demographic features. We then do correlation-based feature-ranking (which retains 26 most important features), followed by Gaussian noise-based data augmentation (which results in 15-fold increase in the size of our dataset). Finally, we feed the feature set to three machine learning classifiers (logistic regression, decision tree, random forest), and two shallow neural networks: a feedforward neural network (FFNN) and a convolutional neural network (CNN). For the age group classification, the shallow FFNN performs the best with 98% accuracy for binary classification (3-15 years vs. 15+ years), and 97% accuracy for three-class classification (3-12 years, 13-30 years, 30+ years). For biological age prediction, the shallow FFNN again performs the best with a mean absolute error (MAE) of 1.64.