Managing personal Outlook.com account settings, security, and privacy
Hi Varun! This is Raech. I'm an Outlook.com user like you and I'm happy to help.
You can use the Alias feature to set up a new email address whilst keeping the same account. For the exact instructions, kindly visit the link below.
https://support.microsoft.com/en-us/office/add-...
As a precaution, if you opt to delete or remove the old Live.com alias, make sure to think this through thoroughly as this action is both permanent and immediate.
Let me know if you have any further questions.
Kind regards.