Explanation:

- The Parliament of India is a bicameral legislature.

- It includes:

- The President of India

- The Lok Sabha (House of the People)

- The Rajya Sabha (Council of States)

- Option 1: The President, Lok Sabha and Rajya Sabha

- Correct. All three are essential components of the Parliament.

- Option 2: The Lok Sabha and Rajya Sabha

- Incorrect. This option omits the President, who is integral to the Parliament.

- Option 3: The Lok Sabha, Prime Minister and Speaker

- Incorrect. The Prime Minister and Speaker are part of the government structure but are not components of the Parliament.

- Option 4: None of the above

- Incorrect. Option 1 describes the Parliament accurately.