I am deploying VSE in a standalone mode. During the initial installation, it prompted for license as 1/2/Perpetual years rather than prompting for license keys.
How can I verify the license locally on VSE console?
How did you 'Install' the product: 1/2/Perpetual license?
For my customers, I always purchase a Perpetual license. When choosing a Perpetual license, there is no 'License Key' request. When purchasing VSE in whatever suite it was purchased, a 'Grant Number' is issued. This number entitles you (or more accurately, the named grant number holder) rights to download updates, upgrades, etc., as well as the ability to call Tech Support. (Tech Support calls should be handled exclusively through this person and not by end users.)
So, the Perpetual license allows for the continued use of the Suite, but the updates and upgrades are (legally) limited to end at the Grant Number end date. Downloading product upgrades will technically fail after the end date. However, the point products will continue to work. When purchasing the Extension to Support, a new Grant Number is issued with a new End Date, thus allowing for continued downloads of upgrades to the Suite. The continuity of installed products is maintained (again, using the Perpetual license model).
The End Date is based upon the previous Grant Number End Date. Eventually, if enough time elapses past the end date, it becomes less expensive to Purchase the Suite anew.
Of course, using out-of-date security software is never recommended, and allowing Support to expire (past the End Date) puts the company at risk, if and when a support call is needed.
Since I do not know what license model you are entitled to, I cannot advice further. This question should really be directed to your (or rather your grant number holder's) support rep. for further official information.
I hope this helps.