Hi @Abin Das ,
Depending on tier(Free and Standard) the ability to create an additional hierarchy might not be possible. Premium and Enterprise plans provide the ability to create additional levels and adjust your hierarchy.
Jira cloud typically follows this Hierarchy
Epic->story/task/bug->subtask
If you want to change hierarchy like want to add additional issue above epic you need to make changes at global level
click on settings--> Work Items--> 1st option at sidebar(Work Type Hierarchy)
Here create Initiative above epic, in that way you can create an issue type above Standard Epic.
But Remember, if you change the Hierarchy here it will impact all the projects in entire instance. Not only your single project.
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