It dies, after producing seed which you can collect.

Other persons on this site say it dies off, but leaves offsets behind it to bloom on the next time, which might be a few years. The offsets were lost last winter. Sorry first post while I was looking up my reply and at info re this plant

Forgot to mention the offsets - it does that as well, and these eventually (after a fairly significant period) will grow and repeat the process.

The offsets will take between 3 - 5 years to grow to flowering size... an offset from one of our Cardiocrinums will flower this year. Once it has flowered just let the stalk die back completely then remove. The bulbuls will grow on and flower over the next 3 - 5 years.