Yes it is Full Version for Lifetime of the PC, Please order here -----> http://www.amazon.in/Microsoft-Office-Home-Student-2016/dp/B015XQYC72/ref=sr_1_3?m=AVZW9QZ9BO8BU&s=software&ie=UTF8&qid=1450417281&sr=1-3
It is not full version lifetime pack, but it contains all the necessary items. However, you do not have to renew it every year like the Office 365 The items included in Office Home & Student 2016 are: Word 2016, Powerpoint 2016, Excel 2016 and One Note. 15 GB free online storage with one drive. However, outlook, Publisher and Access incorporated in the Office 365 is not present in Office Home & Student 2016.