Standalone licenses under the Professional, Academic, Student Version, and Home license series, are all typically perpetual term, meaning that you do not need to renew in order to continue using the software up to the version you purchased.
But that is only typically. Some of the Student Version licenses are for 9 months or 1 year term, and some of the Student Version licenses are for the duration of a MOOC course.
Organizations sometimes get limited-term licenses by arrangement with Mathworks; those licenses are usually customized and prices tend to be negotiated. Usually those license are handled by license server rather than being standalone.
What does need to be renewed regularly is Software Maintenance Services (SMS), which gives access to software updates and access to technical support services. The price of SMS is not public information, other than the price of SMS for Student Version licenses. SMS is usually renewed for multiples of 1 year. The price of SMS depends upon which toolboxes you are covering. For MATLAB itself for a Professional license, you should expect a few hundred dollars US per year.
For actual prices you should contact Sales.
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