If you choose not to renew your IDA license and remain on the perpetual model (e.g., version 8.4), you will no longer receive updates, support, or new features once your support period ends. However, you will still be able to use the product.
Your product should remain accessible in the customer portal (My Hex-Rays/My Account), but we recommend keeping a local backup of the installer and license key to ensure you can reinstall it if needed.