Unless otherwise stated, all licences are subscriptions which renew on an annual basis. Having an active licence entitles you to free support and updates; however, you may cancel your subscription at any time – support and updates will still be available until the end of your licensing period.
If you prefer not to pay an annual fee but would like to continue using the plugin, you can consider switching to a Lifetime licence. This entitles you to support and updates without a yearly charge. See this article to find out how to switch.
To cancel a licence, just go to your Account page. Click on the ‘Subscriptions’ tab then click ‘Cancel’ against the subscription you wish to cancel.