vasamsi jirnani yatha vihaya
navani grhnati naro ’parani
tatha sarirani vihaya jirnany
anyani samyati navani dehi

Translation of Bhagavad Gita 2.22

As a person puts on new garments, giving up old ones, the soul similarly accepts new material bodies, giving up the old and useless ones.

Commentary by Sri Vishvanatha Chakravarthi Thakur of Gaudiya Sampradaya:

“But by my fighting, a jiva will give up the body known as Bhisma. Then you and I will be the cause of that.”

“What fault is there in a person giving up old worn cloth to put on new cloth? In a similar way, Bhisma will give up an old body and attain a new divine body. What fault is there for me or you in that?”Commentary by Sri Ramanuja of Sri Sampradaya:

2.22 That those who give up their bodies in a righteous war get more beauteous bodies than before, is known through the scriptures. Casting off worn-out garments and taking new and beautiful ones, can be only a cause of joy, as seen here in the world in the case of new garments. Once again Sri Krsna emphasises for easy understanding the indestructibility of the self, taught before: ‘Know that to be indestructible by which all this is pervaded’ (II.17) and confirms it thus:
Commentary by Sri Sridhara Swami of Rudra Sampradaya:

It may be submitted that although the eternal soul is not slain; yet and still reflecting on the total destruction of the physical body one might still grieve. To answer this it is being put forth that just as new physical bodies which are dependent on karma or reactions from one’s actions in a present life will surely continue; so there is no need for grief at the destruction of old, worm out bodies. This is the proper understanding.
Commentary by Sri Madhvacharya of Brahma Sampradaya:

In this verse the Supreme Lord clarifies the distinction between the physical body and the eternal soul by giving this succinct analogy.

Now begins the summation.

The living entities propensity of acquiring and discarding physical bodies is factually the process of birth and death and therefore should be understood as not deserving to be the cause of sorrow. Thus the Supreme Lord gave explanation was given to delineate this.
Commentary by Sri Keshava Kashmiri of Kumara Sampradaya:

Although by reflection it can be clearly understood that the soul is indestructible and not to be lamented for; yet and still the physical body is destructible. With the termination in battle of the physical body of a very dear one such as preceptor, protector or loved ones the seperation from whom will undoubtedly cause deep lamentation. To categorically clarify this misusage Lord Krishna explains that just as there is no grief when one discards old worn out garments and there is joy at accepting new garments in the same way the embodied soul discarding old worn out bodies joyfully accepts new ones. So if preceptors like Bhisma were to lose their body in this war of righteousness then they would receive a new and better physical body in their next life and it would be beneficial for them and not unfavorable.
Commentary by Sri Adi Shankaracharya of Advaita Sampradaya:

2.22 Yatha, as in the world; vihaya, after rejecting jirnani, wornout; vasamsi, clothes; narah, a man grhnati, takes up; aparani, other; navani, new ones; tatha, likewise, in that very manner; vihaya, after rejecting; jirnani, wornout; sarirani, bodies; dehi, the embodied one, the Self which is surely unchanging like the man (in the example); samyati, unites with; anyani, other; navani, new ones. This is meaning.
Commentary by Sri Abhinavagupta of Kaula Tantra Sampradaya:    

2.22 Vasamsi etc. just as a well – dressed person, on the destruction of his garment, gets himself dressed in another more suitable garment, and he does not perish on that account, in the same way the Self, dressed with different bodies [behaves].
Sanskrit Shloka Without Transliteration Marks:

vasamsi jirnani yatha vihaya
navani grhnati naro ‘parani
tatha sarirani vihaya jirnany
anyani samyati navani dehi
Sanskrit to English Word for Word Meanings:

vāsāḿsi — garments; jīrṇāni — old and worn out; yathā — just as; vihāya — giving up; navāni — new garments; gṛhṇāti — does accept; naraḥ — a man; aparāṇi — others; tathā — in the same way; śarīrāṇi — bodies; vihāya — giving up; jirṇāni — old and useless; anyāni — different; saḿyāti — verily accepts; navāni — new sets; dehī — the embodied.