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The status itself is indefinite; the physical permit is issued for ten years for adults (five for minors) and is renewed by updating the card.
Unlike ordinary residence permits, the long-term status does not expire on a fixed date. What you renew is the physical card, valid for ten years for adults and five years for minors. Renewal is essentially an update of the document, typically with new photographs, rather than a fresh eligibility assessment.
That said, the status can still be lost in specific situations, such as a long absence from EU territory or from Italy. Keeping the card current and avoiding extended absences is the simplest way to preserve it.
Get a personalised assessment from a licensed ACME advisor, or ask Acey.