Question about WooCommerce subscriptions

Dear WooCommerce team,

I am interested in your plugin “WooCommerce Subscriptions”.

My situation:
In my WooCommerce shop I offer two products, a monthly subscription (5 € per month) and yearly subscription (50 € per year).
Payments will be recurring.
If a user chooses the monthly subscription he will be able to enter a 5 € coupon, so that his first payment will be free. All upcoming recurring payments starting next month will have the regular price of 5 €.
Is this scenario possible?

Best regards
Christian`