Option 1 states that the President of India addresses both Houses of Parliament assembled together at the commencement of the first session of each year. This means that the President delivers a speech to both Houses at the beginning of each year`s session.

Option 2 states that the President addresses both Houses after each general election to the House of the People. This implies that the President gives a speech to both Houses following every general election.

Option 3 combines both options 1 and 2, indicating that the President addresses both Houses at the commencement of the first session of each year and after each general election to the House of the People.

Option 4 states that neither option 1 nor option 2 is correct, which is not accurate as option 3 encompasses both statements.

Therefore, the correct answer is option 3 - Both 1 and 2.