When you purchase, you get free updates for one year. That is correct. After the one year, you can continue to use the component, but would just no longer have access to updates. IF you want to download further updates at that point, you would need to purchase a new license, which currently is the same price each time.
Regarding support after the one year, it depends. We do not shut off support to you completely when your license expires, however, if you are having problems that have been fixed in newer releases than what you are using, we will require that you update the component prior to getting support. No need re-working an issue that has already been dealt with
But if you just have a question or need some direction we would certainly still assist, even if your license is expired.
Hope that answers your questions. Thanks.