Option 1 states that a Member of Parliament (MP) enjoys freedom of speech in the Parliament as a Parliamentary Privilege protected by the Constitution of India. This statement is correct. According to the Constitution, MPs have the freedom of speech and expression inside the Parliament. This privilege allows them to present their views, opinions, and ideas without any fear of legal repercussions.

Option 2 states that the power to amend the Constitution is vested in the Parliament. This statement is also correct. According to the Constitution of India, Parliament has the authority to amend the Constitution through the prescribed process. This process involves the introduction of a constitutional amendment bill, its discussion and approval by both houses of Parliament, and finally, the President`s assent.

Since both statements are correct, the correct answer is option 3, which states that both statements 1 and 2 are correct. They both accurately represent the provisions of the Constitution of India.