The has been no such announcements from Ford motors on this. So the model is not being phased out in near future. But, yes eventually the model would certainly be phased out, but when is that going to happen is not certain.
Ford Classic is a good car and even if the car is discontinued Ford will keep its parts for at least the next decade. In comparison to Etios it may be an old car but it can easily match Etios performance and comfort. Though, if you are planning to buy any one of these we will suggest you to wait until Ford launches its next car, the Figo Aspire. Know more about Ford Aspire: http://www.cardekho.com/carmodels/Ford/Ford_Figo_Aspire
No matter a car discontinue or not, the manufacturer makes the parts available for a good 8-10 years after it is being discontinued and as manufacturer uses the same engine in multiple models, there is a higher probability that you can get engine parts easily.
Apart from the regular accessories, the top-end variant of Ford Classic comes with features like advanced infotainment system that features a 2-DIN music system with Bluetooth phone interface, SMS notification, Full phonebook access, audio streaming, call logs, electrically adjustable outside mirrors, drive away lock, driver and passenger airbags, a set of 14-inch alloy wheels, front fog lamps, and anti-lock braking system with electronic brake force distribution.