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Yes, you can change your plan at any time. Changes take effect at the start of your next billing period, once your current plan term ends.
When upgrading, you'll gain access to the additional features and capacity of your new plan at the next billing cycle. When downgrading, any data or configurations that exceed the limits of your new plan will be securely archived — nothing is deleted. Prorated charges are applied automatically, so you only pay for what you use.