bunq points + bunq elite - is my math right?

I was looking through bunq point redemptions and the price structure. Am I right that I can:

• Subscribe to bunq Elite
• Spend 8750 EUR with my cards
• Get 3 months of my current plan for 17500 points for free
• Spend 8750 EUR again within these three months
• Get 3 months of my current plan for 17500 point for free again

Assuming they keep this redemption there, would I technically be able to do that indefinitely? Or is every bunq points redemption only redeemable once?

By no means do I need the travel insurance, but since I spend almost 3k a month anyways, this seems like a way to get bunq for free. Am I missing something?