When you applied for your Smart Postpaid plan, you signed a service contract with a specified lock-in period (ex. 24 months or 30 months). Plan renewal allows you to refresh your plan's service contract with Smart Postpaid once you are already eligible. Availers receive a new smartphone or device (free or with cash-out) OR rebates on your monthly service fee (MSF). If you qualify, you may even upgrade your current plan.