Is it an annual subscription that needs to be renewed every year or is it a lifetime license?

The product license (for paid versions) guarantees free updates for one year. After this period you will not be able to update your component to the newest version but it will still work. In the case you would like to prolong the product license for another year, you can do it  with using 70% discount from origin price. The discount link is automatically sent to the registered e-mail address 2 weeks and 3 days before the expiry date.