The initial deadline was set for February 8, 2021. Facebook decided to extend the deadline until May 15, 2021 as there was a lot of reaction from users around the world and the story came out in the media.
The help center FAQ provides answers to the question. According to the FAQ, WhatsApp will not delete the account that day.
WhatsApp users must export their chat history before May 15, 2021. It is unclear if this option will continue to be enabled for users who do not agree to the terms after the deadline.
Competitive chat services such as Telegram have added options for importing conversations from Whatsapp application.