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Futures as the name says you are entering into a contract to purchase a share/ commodity at a future date at a price fixed today. When the day comes you either have to purchase and keep it or purchase and sell the same.

Options are also similar to futures however you need to pay a premium before entering into the purchase or sale of share / commodity. on a future date you have an option to do nothing and keep silent. You will loose only the premium which u paid at the beginiing .

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Sens*x may Future means... The amount on which the sens*x ends at the end of expiry of contract of the month may.

Yes it is the figure which people expect the sens*x will close at on the expiry of that month contract