No voice-video calls
For not accepting the policy, the company will put you in Limited Functionality Mode. After this, you will neither be able to access your chat list nor will you be able to make voice and video calls. Even you will not be able to answer the incoming voice-video call. You will be able to receive notifications for some time, but you will not be able to read the message nor to send the message to anyone. Gradually WhatsApp will stop sending messages and calls to your phone. If seen, WhatsApp will not close the account, but it will not be of any use to you.
Options of WhatsApp