Please call to the support center and tell them you would like to renew the subscription for another one year. I am sure they will give it for the same price what you see in the website. Hopefully you will get one year renewal for 49$. Once you renew reinstallation is not required. After renewing the product right click on McAfee Icon which would be on the right hand bottom corner of your computer taskbar(near to Computer date and time) and select "Verify Subscription". Once you verify the subscription new expiry date will get updated.
You may click on the link get the contact information;
I edited out that phone number as it's for North America only and the customer is elsewhere.
Your True Key passwords are stored online and are always accessible through your account.
But to be sure I would use that same link that nikenth posted to contact Technical Support and ask them what's the best way to approach that change.