Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Once you have redeemed your product key, you can't use it again. The associated account effectively becomes the product key, and you use your account when you need to reinstall Office. Go to https://account.microsoft.com/services and scroll down until you find your Office 2021 product. You should see an Install button. If you run into trouble with activation, you may have to contact Microsoft support.