Database full backup,differential backup and log backup plan
I'm going to try to save you a lot of time messing with outdated and mostly unnecessary backup options. Just use Ola Hallengren's free scripts. 

Next up, deciding backup frequency is a business decision as it relates to RPO and RTO. No one here can tell you how much data you're allowed to lose. One thing though: if you're thinking about taking log backups once a day, you shouldn't be in full recovery model.

That also relates to: DON'T SHRINK YOUR DATABASE. Your log file grows because you don't back it up either at all, or often enough. If you shrink it, it will grow again, and that's just not a smart way to administer a SQL Server. Either back it up more often, or switch to SIMPLE recovery. 

That decision is between you and management, though.