What is the difference between Office 365 plans and Office 2016 suites?
Office 365 plans include the complete suite of Office applications, plus other services that are enabled over the Internet, including extra cloud storage with OneDrive and Skype minutes for home use. With Office 365 you get the full, installed Office experience on PCs, Macs, tablets (including Windows, iPad, and Android) and smartphones. Office 365 plans are available as a monthly or annual subscription. With Office 365, upgrades are always included with your subscription.
Office 2016 suites, including Office Home & Student and Home & Business, include applications such as Word, Excel, PowerPoint, and OneNote; they are available as a one-time purchase for use on a single PC or Mac. The applications are not automatically updated; to get the latest version you must purchase Office again when the new version becomes available.