Visual Composer is distributed as part of the theme under “In-Stock License” which means you do not need a separate license. However this in-stock license only allows you to use the plugin but not update automatically or activate it. Activation is only required for automatic updates and support access.
We provide support for Visual Composer and whenever a visual composer update is available, we will download the latest version test it against our theme and bundle it as a theme update. So updating the theme will get you the latest version of Visual Composer.
Once you had updated your theme, you will have to navigate to Appearance > Plugins > Visual Composer and de-activate and delete the existing version. Once you have deleted all the Visual Composer files, you will be prompted again to install Visual Composer. This time you can install the latest version from the theme.
The same applies for Slider Revolution too.