There’s plenty of ways to provide users with benefits.
For example, if the price is €120, but the company decides to allow you to pay it monthly at a cost of 10€ a month, you’re receiving the benefit of financing for a 1 year worth of insurance. Financing of payments is a preferential term itself.
You’re not renewing a 1-month subscription, but fractioning the payment. This is a crucial difference. Just as if you rented an apartment for one month but were offered to pay weekly for your convenience,
Therefore, of course, you can cancel anytime and you will not be charged anymore after the current period, which is one year.