Yes, if the free one-year annual membership gift is not redeemed by your gift recipient within 90 days from the date of your purchase of this offer, the gift will automatically expire.
Once your recipient redeems their membership gift, they will have one year of access from the date they redeemed it. So, for example if they redeem on the 16th of Feb 2022, their memberships will start from that day and will expire 1 year from then, on the 16th of Feb, 2023.