When you purchased the software, you got a license to use the software for a single domain.
You can use the software as much as you want or not at all.
However you also got a 1-year long rights for updates of the software and for support tickets. When that runs out, you still can use the software, but you won't have access to newer releases (only to those ones up until your 1-year ran out).
That means you don't have to renew. Not yet, also not in 11 months later. It also is not an "opt-in" thing, so it will run automatically out.