Licenses are valid as per the plan from the date of purchase. You will need a valid and active license key in order to get updates for WCfM Ultimate. After subscribed period, you may renew license key.
Updates are included for free as per the plan. If you have a valid and active license key, and your WCfM Ultimate supports it, updates will be delivered automatically from the WordPress dashboard. If your WCfM Ultimate does not support automatic upgrades, then updates can be downloaded from your account page in this site.
As you are also customer of WCfM FREE version so you will avail support for life time.