Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
1
Double click any Word file to open the file.
In Word, at the top right, log out of Office.
Restart (not shut down) your PC, then log back into Office, is your new subscription then correctly recognised.
2
If not, log into your Microsoft account on this link and check the expiry date on your subscription, is it correct for your subscription payment?
https://account.microsoft.com/services/
If not, go to the payments and Billing section, is it indicated your payment has been processed successfully.