Visual COBOL for Eclipse will still need to be installed into your program files and licensed as normal.
You need this update site for AJDT if not installed into your eclipse.
Make sure you get the AJDT for your version of eclipse, and add it to your update sites in eclipse.
The above for 3.7 eclipse file ajdt_2.1.3_for_eclipse_3.7.zip.
You need to get at the update site for Visual COBOL
This is contained in your Visual COBOL installation.
On my machine
C:\Program Files (x86)\Micro Focus\Visual COBOL 2010 R4\UpdateSite.zip
You need to add this as an update site all the required jar files are in this zip file.
The add repository location would be
jar:file:/C:/Program Files (x86)/Micro Focus/Visual COBOL 2010 R4/UpdateSite.zip