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Ashu GargAshu Garg 

Parent Object : Contract_Overview__c ,Parent Object Field : Status_On_Contract__c (multi-value text - First Year , Second Year , Third Year) ,Child Object : Subs_Serviced_On_Contract__c Child Object Field : Contract_Year Create a new child rec

ShirishaShirisha (Salesforce Developers) 
Hi Ashu,

Greetings!

Can you please confirm the exact requirement here to assist you further on this.Also,if you would like to create the child record based on the parent Object details then you can check the sample code provided in the below document:

http://www.infallibletechie.com/2012/11/trigger-to-create-child-object-after.html

Kindly let me know if it helps you and close your query by marking it as solved so that it can help others in the future.

Warm Regards,
Shirisha Pathuri