Explanation:

The President holds office for a term of five years from the date on which he enters upon his office. However, he can resign from his office at any time by addressing the resignation letter to the Vice President. Further, he can also be removed from the office before completion of his term by the process of impeachment.Hence statement 3rd is incorrect.
The President can hold office beyond his term of five years until his successor assumes charge. He is also eligible for re-election to that office. He may be elected for any number of terms. However, in USA, a person cannot be elected to the office of the President more than twice.
Qualifications for Election as President :
A person to be eligible for election as President should fulfil the following qualifications:
1. He should be a citizen of India.
2. He should have completed 35 years of age.
3. He should be qualified for election as a member of the Lok Sabha.