Hi Apurva,
I understand that you refer to the ONE Automation user password, correct? If so, yes, it's possible to set a pasword life span. Use the option PWD_AGE_MAX on the client variable UC_CLIENT_SETTINGS to define the number of days that a password would be valid. There are other PWD_* options to use in the client settings variable as maximun number of attempts, criteria for passwords, etc. Just check the UC_CLIENT_SETTINGS documentation.