true but not true.
it's subscription based but there are few advantages.
first are always yes "always" up to date with very latest office suit.
if you bought Office 2013, you are stuck with 2013 for ever!
I yesterday upgraded to office 2016 absolutely free!
It's full office suite, with one year license to use. after one year you have to pay another 7000 to continue. + you get 1TB cloud storage
I'd say this is better than buying office 2013/ 2016 by paying $300 and being stuck with that version for life.
with 365 you are always using the very latest software!