50 gb icloud storage

No you won't be given more or a "new set" -- but you will be able to continue to use the 50GB of storage; again, it is like renting space -- you don't get an apartment that is twice as large every month that you pay the rent but you do get to continue to use the same size apartment.

An iCloud storage plan is for a fixed amount of space. If you have a 50GB plan, it is 50GB of storage space and that does not increase. You pay monthly for as long as you want to use the space, similar to renting physical storage space or renting an apartment, the space does not get bigger each month. Also see: iCloud storage plans and pricing - Apple Support

You subscribe and pay for it on a monthly basis. There is no rollover, and you're not given another 50GB the next month.

What is iCloud storage? - Apple Support