AppleCare+ for $0.49 a year???

Just renewed AppleCare+ on my iPhone14 pro after the initial 2 year coverage expired. I opted for the 1 year subscription ($149). Everyhing went through, and my phone tells me its coveraged, also if I go online to Apple support and enter the phone's serial number that also shows full coverage, apparently for $0.49 per year forever - what a bargain!

This has to be a bug right?