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We are using the data hosted JIRA instance and have some, questions:
Hello @Komal M
Welcome to the Atlassian community.
Jira Server licenses are perpetual. You can continue to use it as long as you want after the license expires and support ends in February. However you will not be able to get any support or updates from Atlassian after that date.
The existing instance will retain all the functionality and data native to the Jira Server version you are running. If you have third party apps also installed, you need to reach out to the vendors of those apps to find out what happens after those licenses expire.
I would advise you to consider at least upgrading to the latest version you are eligible to receive, based on the date of your license expiration. You are entitled to upgrade to any release of Jira Server that was released before the expiration date of your license.