Context sensitive Segment DFF not allowing to create Project even it is not mandatory

Summary:

From Offerings > Opt in Features> enabled Simplified Financial Project Creation and Specify additional Information while creating Project. Created 2 Context sensitive segments in Project Descriptive Flexfield. none of those segments are setup as Required enabled, created new project template and when trying to create project with new template getting the exception as " A New Project Or Project template can't be created because of an application error" contact your help desk ( PJF-2235884 JOB-27024.) this is happening on the new template which was created after enabling Opt in feature and all the old templates are