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Both subscription & lifetime options are based on iOS in-app purchases, but they are different according to Apple's classification. Thus, only monthly and yearly subscriptions are shown as available options in the subscription settings while the lifetime option isn't there.
To switch from a subscription to a lifetime option, simply cancel (end) your subscription in your Apple ID subscription settings (Settings app > your Apple ID > iTunes & App Store > View Apple ID > Subscriptions; see Apple doc on this). When the paid term is over, the Pocket Lists app will offer you the option to Go Premium again with a lifetime option enabled.