Yes and no.
If you are paying for a year, it is a subscription of $99 per year. Once your payment period expires, the plugin will stop working and you will not be able to get upgrades or support unless you purchase a support extension or renew your license.
Each payment gives you a full year of free support, ensured compatibility with WooCommerce and WordPress via updates.

On the other hand, you have the option to pay a lifetime fee of $299. The plugin works and you will receive upgrades and support endlessly. The upgrades will ensure continued compatibility with WooCommerce and WordPress.

Your license will be immediately cancelled and your version of the configurator will stop working. Your data stored on your site will be left untouched but your customers won’t be able to configure products anymore.

Each license is only valid for one site and one site only.

A “site” refers to one woocommerce store on which you can use the Neon Product Configurator plugin.

Yes every time a new version of the plugin is available, you’ll get a notification in your site dashboard and be able to upgrade from there.