Check -> Go to -> Settings -> your name -> iCloud -> if you see 50 GB (or 200 GB or 2 TB) then you have an iCloud subscription.
If you have an iCloud subscription, you will receive a monthly bill from Apple, check your email box.
You pay monthly for iCloud storage.
If you have upgraded iCloud storage, it would take about 1 to 3 business days in order to process.
Once your request for iCloud+ has been activated, you should receive an invoice in your email box.
The iPhone 7 Plus storage 32 GB, 128 GB or 256 GB
iCloud storage with subscription -> 50 GB, or 200 GB or 2 TB.
If you turn on iCloud, you get 5 GB free iCloud storage.
If you need more iCloud storage, see this Apple article: Upgrade to iCloud+
Upgrade to iCloud+ - Apple Support
See also: iCloud+ plans and pricing
iCloud+ plans and pricing - Apple Support
See -> How to back up your iPhone, iPad, and iPod touch
How to back up your iPhone, iPad, and iPod touch - Apple Support
If you back up to your computer, you need to have enough space too.
See also -> Manage your iCloud storage
Manage your iCloud storage - Apple Support