The correct answer is option 4 - On the advice of the Prime Minister. The President of India does have the power to dissolve the Lok Sabha, which is the lower house of the Parliament, before its term is completed. However, this can only be done on the advice of the Prime Minister. The Prime Minister is the head of the government and holds a significant role in advising the President on matters related to the functioning of the government and the Parliament. Therefore, it is the Prime Minister who plays a crucial role in the decision-making process of dissolving the Lok Sabha. It is important to note that the President does not have the authority to dissolve the Lok Sabha on the advice of the Chief Justice, Vice President, or the Speaker of the Lok Sabha.