You will get the component with all it's features inside, including 70+ payment gateways and 20+ shipping methods. Also the efficient support and frequently updates with new features during your subscription period.
No, your subscription expires according to your subscription period as specified in the plans page and doesn't renew or recur itself automatically. You have to renew your account manually. However, notification e-mails will be sent to you 15 and 7 days before the expiration date, so you can renew and grab your discount before it expires.