Explanation:

- The Pt. Bhimsen Joshi Lifetime Achievement Award is a prestigious honor presented to outstanding figures in Indian classical music.

- Option 1: Lalgudi Vijaylakshmi is an acclaimed violinist known for her contributions to Indian classical music.

- Option 2: Nandini Muthuswamy is a noted carnatic violinist celebrated for her performances.

- Option 3: N Rajam is a renowned Hindustani violinist recognized for her unique style and contributions to music.

- Option 4: Jyotsna Srikanth is a well-known violinist with achievements in both Carnatic and Western music.

- Correct Answer: Option 3 - N Rajam received the Pt. Bhimsen Joshi Lifetime Achievement Award for 2021.