Yes, the license allows you to use the product indefinitely on your WordPress site. The fee also entitles you to support and updates for 12 months from the date of purchase.
After 12 months, the license will be renewed automatically (by subscription set up at the time of purchase) with a 20% discount applied to the purchase price and you will continue to receive plugin updates and support access. If you choose to cancel the license, you are free to use the software; however, if you require support or updates after cancelling, you would need to buy a new license at the full purchase price at that point.
When you install the premium product and enter your license key, it will tell you when your support/updates license expires, but of course you will still be welcome to use the product even with an expired support/updates license.
We believe this situation is better than a one-time purchase since you will receive updates beyond the purchase date – at least for a year – and it offers a sustainable position for support and continued product development in the future. A one-off purchase could easily leave you exposed and in need of a new solution a few months down the line.