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You also, no matter the tier, still get a perpetual license. If you don’t pay the upgrade, you keep your current version and can download and install it forever. This is just a more streamlined version of the same business model software has been using forever.
It’s the same model JetBrains has for their IDEs. You pay for a year, you get a perpetual fallback license. You pay again, get another year of updates.
JetBrains (accurately) still calls it a subscription though.
Can I update every second or third year? Will the previous versions receive security updates?
Go read the link, I’m not a TL;DR bot mate.
No worries.
For those who were wondering:
On the security updates:
Yes they'll provide some security updates for some time even out of contract. No time frame given, only in relative release numbers:
Version -2 of currently released minor version goes EOL. The cadence is not explicitly provided
On not renewing or renewing later:
Yes, jump in any time.