The license scheme makes me sad. It reads like a subscription pretending to be a one-time purchase.
The license gives you lifetime access to LookAway - you can keep using it forever. You only pay for updates after a year if there's something new you may want to use.
(It’s like back when we had Photoshop 5 and then Photoshop 6 came out).
As long as you mention that security updates will be free, I think this is a good plan. It’s how you get indie devs paid to keep working on products.