Vineeth,

There is BOM version management(active/inactive) as well as Validity dates. MRP takes these into consideration demand such as Sales Orders, Inventory levels, Work Orders and raw material requirements for Work Orders.

If you have 1 BoM with components changing over time, then with the validity date the MRP will only consider the components valid at that particular time.
If you have multiple BoM for the same released product valid over the same period of time, the MRP will pick the default one. Upon, the WO creation from the MRP suggestion you can override the default BoM and use the one you want. From that point onward, the pegging demand will be based on the components loaded in the work order. 
Or you can use version mgt, to indicate which version of the release product - hence which version of the BoM - you want to sell.
So you should be fine, just don't set expectations about MRP selecting the 'best' BoM automatically. This MRP only explode the requirements on the default BoM code.

Thank you for the comments

Can we keep multiple BOM for the same product, but different periods. For Eg. Mar 2021, I should follow BOM1, Apr 2021 will follow BOM2, etc for the same product. We can define time periods as above, using validity. For there components, we have 3-4 months of lead time. Can the system plan the MRP based on the BOMs, for the two month period, the provide requirements considering the right BOM. 

Thank you for the comments

Can we keep multiple BOM for the same product, but different periods. For Eg. Mar 2021, I should follow BOM1, Apr 2021 will follow BOM2, etc for the same product. We can define time periods as above, using validity. For there components, we have 3-4 months of lead time. Can the system plan the MRP based on the BOMs, for the two month period, the provide requirements considering the right BOM.