Peacock Free is, well like the name implies, free, however, it is dependent on advertisements to ensure that the service is available completely free.
Peacock Premium -- which is still an ad-supported version platform, costs $4.99/monthly. If you want, you can sign up to join the Peacock Premium annual program which costs $49.99 per year.
Finally, Peacock Premium Plus costs $9.99 per month and--thankfully!--offers everything you can get with Premium, only with significantly fewer ads. If you already are using Peacock Premium, you can upgrade to Premium Plus for $5/month or an additional $50 annually. Membership for the year of Premium Plus is $100 per year.