Symptoms

You will be able to create a feature name with characters of more than 30.
The problem arises when you try to map it to a product.

You won't be able to map the feature to the product.

Diagnosis

First, check what is the Licensing Technology it's using.
If its Flexnet Licensing Technology then as per design the Feature name should contain 30 characters or less.

The name cannot contain spaces.
The characters can be ASCII characters, numbers, periods, underscores, or hyphens.

Solution

Make sure to keep the characters to less than 30 for the feature name with the product using Flexnet Licensing Technology.