I agree with Satyendra's answer, why take a risk when it's not worth it. On a brighter side, the fun of a beach in rains is amazing. And Cyclones in Arabian sea are very rare, but IMD placed the current one in Extremely Severe list which means a disastrous ones. Ultimately its your call, You can switch beaches to mountains for now and explore north east or himalayas, the best time to visit.
If you go by my opinion, you must visit Goa during this time. I visited Goa last month and the weather forecast was for heavy rain and cyclone. When I reached there, I was welcome by the incessant rainfall. I enjoyed it thoroughly. Next day, the sun started shining and contrary to the weather forecast, it was sunny for the rest of seven days. I wish I could see the beaches during the rainfall. Just take proper clothes and sleepers and Go-Goa! Anything else, ask me! I visited in the last week of the last month. Dolphins, you cannot see at this time because it is off season according to them. Go south Goa if you want peaceful beaches. If interested in beach parties and fun, stay in north Goa.