Search for multiple substrings and return different values

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Wednesday September 9, 2015
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September 9, 2015
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I have a cell I2 which contains long string. I want to find out the following:
If string in I2 contains "month", then return "Monthly",
If string in I2 contains "year", then return "Yearly",
Else, return "other".

I am using the following formula, but I'm just getting #VALUE.
=IF(OR(ISNUMBER(SEARCH("month",I2)),"Monthly",(ISNUMBER(SEARCH(year,I2)))),"Yearly","Other")