Life Cycle has an optional Premium subscription, that costs $9.99.
Should you choose to subscribe to Life Cycle Premium, the purchase will be charged to your iTunes account. You can manage or cancel your auto-renewable subscription by entering the user settings in iTunes after the purchase. The subscription will be auto-renewed 24 hours before the subscription period ends, with the same kind of subscription you already bought, at the same price.
The Free version of Life Cycle is a complete experience itself, and there's no requirement to upgrade to Premium to get access to the core values of Life Cycle. You get daily, weekly, monthly and yearly donuts, a complete automated tracking experience with all options to edit, log and record your own events and edit those already there.
When you upgrade to Premium, you gain access to a wealth of trends and analysis data, that shows you overtime your habits, patterns and behavior and potential deviations, peaks, and downs in those behaviors. This is useful for monitoring change or habits over time, an interesting way to learn more about what you're doing with your time over longer periods.
Furthermore, you also gain access to an online backup service, which makes transitions to new phones a breeze. Note that it's not a traditional sync service. Life Cycle is a one device app, intended as a journal and a guide for your time. For the moment, you can't use it on multiple devices at the same time and get proper sync in between.
If you're a Sleep Cycle user, you also get access to a deeper analysis of how your visited locations and your events affect your sleep quality. Over time, you'll get a good idea of the synergies between what you do and where, and how that influences your quality of sleep.
In the future, more features will be added to both the Freemium and the Premium experience, so the app continues to evolve for all end users, no matter your preference.