WhatsApp has said that you can still accept the updates after May 15.
Also, you can export your chat history on your Android smartphones and iPhones and download a report of your account before May 15. If you are thinking of deleting your account on iPhone, Android or KaiOS, WhatsApp has pointed out that it is irreversible and all your message history will be erased, you will be removed from all WhatsApp groups and your WhatsApp backup will also be deleted. Given that the process is irreversible, WhatsApp is hoping you “reconsider”.
The messaging app is adding some new features that is going to help users understand the new policy and dispel the misinformation about it including an in-app banner and status updates.