Any option to configure idle timeout ?

Is there an option to set idle timeout . What I mean here is, if a user has logged in into my site/application and has not performed any activity for say 'X' minutes , then he should be logged out. 

There is no immediate option, Tushar. But you can make such a feature easily through a Session Variable (holding the expected timeout deadline and to reset it on each server call if still valid) and On Begin Web Request System Event (to perform that check and reset on a centralized action that is always called) - these will help you with the server-side implementation only, though. For the client-side implementation you'll require a JavaScript snippet (using the setTimeout() function embedded within a widely used web block e.g. header or footer) to either advise the user to refresh his idle session and/or automatically call the server to log him out. Hope this helps!

...just remembered that there is a sample available in the Login/Session Timeout forge component. Kudos to Justin James.