I have a lifetime license, but did not renew. Lifetime means that the version will not expire, so you can keep using it, even if your license stops. But you can’t upgrade to a higher version. It is meant to maintain your current projects.
If you buy a regular license, then it is cheaper, but if you do not renew then you will not be able to continue maintaining your old projects, it simply stops working.
In general license fee is 40% of the current sell price, if it has been expired it is 60% of the current price.
But this is afaik with some disclaimers. The prices have increased a lot over the recent years.