your options are not so differant from the way they are set up in the sample ecaopmmerce database.
In yur example, like the option red, your option of "12 months" can apply to may differant products.
set the option group as subscription length.
create an option for each available length.
then assign the subscription lengths to the products using the product options table.
If you need personal one on one assistance in putting this togethor, I would suggest signing up for a Premiere support apointment.