So I received an email from lastpass support today. Here's what it said:
"Hello Akhil,
Thank you for contacting LastPass Support! We are sorry for the inconvenience, we had issues with our billing system and that's why we have added a trial until next year just log out and then back in and you'll be able to use all the features included on your paid subscription.
Please let us know if there is anything else we can do for you. I´ll leave this case in pending status waiting for your response.
If we have answered your question, we will send you an email in the next few days asking for your feedback. We value your opinion and thank you in advance for taking the time to click on the survey link and let us know how your experience was with our team."
My subscription status is now "Premium trial member" which is set to expire on 1st February 2022. ( Same as my paid subscription). So it seems to be working fine.
I suggest everyone to fill up the support email message and send it. I did that on 18th and received the email response on 20th. A bit tardy but at least it works now. Make sure you get an email mentioning a ticket number.
