Index Management

I have one Elastic search cluster hosted on AWS with 5 nodes ,
Currently we are making one index per tenant per month and we have 70 tenants registered currently and for creation of one index it requires 3 primary and 2 replica shards,
Now we are planning to move on new indexing policy where we will group these 70 tenants into 2 categories and will make index for each category ,
Now I am little bit confused whether to make index on quaterly basis , yearly basis or half yearly basis , Approximate number of documents which will be indexed are around 30 - 40 millions , and they are queried very frequently around 2000 to 3000 reads/writes per minute ,