The license is a right to use the application, granted under the End User License Agreement.
A license entitles you to:
Kaspersky Password Manager can be used with or without a subscription:
When your subscription for Kaspersky Password Manager expires, you can either renew it or switch to the free version. If you switch to the free version and have more entries than are allowed with the free version, you must choose which entries to keep. All other data will remain in the vault but will be unavailable for use.
After your subscription for Kaspersky Password Manager expires, you may be offered a grace period, during which you can continue using the application without limitations. If you don't renew your subscription by the end of the grace period, the application will switch to the free version. To use Kaspersky Password Manager without limitations again, buy a new subscription.