Hi Divya,
Check out the API version you are using by navigating to the URL https://{my-community-domain}/api/version:

The profilefields API is supported starting with API v3.13, whereas Jive 7 (I believe) supports at most v3.4:

So in other words, the 404 is correct since that API end-point doesn't exist in Jive 7.
Hope this helps,
Walter