Up until now, Office 365 Home Premium was the only option, and it is a great value if you have more than a few devices. $99 per-year bought you the whole suite of programs up to 5 computers, 5 tablets, smartphone access, plus 20GB of OneDrive storage for up to five people each, and 60 minutes of Skype calls per month.
Last month, Microsoft announced that it was going to broadening its Office 365 offering by adding a middle tiered Office 365 Personal option. This tier is ideal for the individual with one computer, one tablet, and a smartphone. With any Office 365 option, your programs remain perpetually up to date too, which is a very attractive option compared to buying a single new license every couple years for hundreds of dollars.
$69 per-year brings the whole Office suite to one computer, one tablet, plus smartphone access. You also get Office Online, which means you can open and edit your own documents from any computer (thanks to OneDrive). Office 365 Personal also nets you 20GB of extra OneDrive space and 60 minutes of Skype calls per month.
If you prefer to budget yourself monthly, you can also get Office 365 Personal for $6.99 per-month. Since the Office suite has been such a hit with iPad owners, Office 365 Personal is certain to see a warm reception much like Office 365 Home (formerly Home Premium) has.
source: Office Blog