Yes, it's an annual subscription the renews each year. Most of the time with SaaS annual billing you are pre-paying for the full year, so if you cancel you don't get a pro-rated refund. Customers are ok with that as long as you're clear about it.

Generally speaking have you had many customers asking for refunds (monthly or annually?). Currently in my product, the monthly charge is about ~200. But I'm thinking of doing a yearly option of a $1,000/year. Any advice on something that high of a price point?

If I were paying ~2400/yr and was given the option of ~1000/yr, I would think I've been grossly overpaying for the monthly option. In your shoes I would offer one month free for 2200/yr rather than 7 months free.

Good points. Might there be sticker shock on the renewal of a $2,200 product?