curious, is this permanent or is it something that needs to be renewed? also, can this be applied to the account i already use?
You pay once for this, no need to renew. You get a brand new account so you can not apply it to any existing account.
You can however connect it with your existing account. For example when I got new GDrive unlimited storage account I created one folder and shared it with my existing old google account that is set on my phone and other devices.
Price: $10