Hello Sumeet,
you are right that you configure the master port (VLAN, etc.) only, those settings are applied to all ports in the port sharing (rather to a logical port consisting of some physical ports).
If you disconnect and reconnect individual ports in a sharing, some packets may be lost, but a ping should resume.
Both LACP partner devices are configured the same, LACP does not use a master/slave configuration.
Br,
Erik