When you buy a premium product (themes, plugins or extensions), you get it for a lifetime and you can use it on as many websites as you want because our products are under GPL license. But, support and updates are only for 12 moths since you buy premium product.
If you want to get updates and support after one year, you can renew it by renewal fee. The renewal fee is only for product support and updates.
This model is the best way we can provide world-class support, maintain themes, plugins and add requested features and enhancements.
If you don’t renew the product license, you can continue using it for a lifetime. The only difference would be to support and updates.