“We’ll continue to display a notification in WhatsApp providing more information about the update and reminding those who haven’t had a chance to do so to review and accept. We currently have no plans for these reminders to become persistent and to limit the functionality of the app,” WhatsApp said.
The new policy is about the messages you sent to businesses via WhatsApp will be shared with Facebook too. This basically means that messaging a business on WhatsApp is not the same as one-on-one chat with your friends and family. The personal chats will remain private and no one can access them as the platform is end-to-end encrypted.
WhatsApp has even clearly mentioned that it won’t delete your account if you don’t accept the update.