Is the 500 limit a lifetime limit?

Hello-  so with the free version, is the 500 limit a lifetime limit or if forms are deleted does that limit start over?

Please note that the submission storage is the account wise limit. When the account is reached its limit, the oldest submissions shall be deleted automatically to store the new submissions. 

If the submissions from the form are deleted, the submission storage shall also be adjusted. However, please note that monthly submission count will not reset by deleting the submission which is a different parameter. Please refer to the guide below that can help you with more information on account usage and limits.

https://www.jotform.com/help/408-Understanding-Your-Account-Usage-and-Limits

Thanks!