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Option 1 states that Captain Lakshmi Sehgal was a close aide of Subhash Chandra Bose during the days of the freedom movement. This statement is true and is one of the notable aspects of her life. Captain Lakshmi Sehgal actively worked with Subhash Chandra Bose and joined the Indian National Army.
Option 2 claims that she spearheaded several political, economic, and social justice campaigns in the country. This statement is also true. Captain Lakshmi Sehgal was known for her involvement in various movements and campaigns for social justice, including women`s rights, healthcare, and education.
Option 3 states that she was a member of the Lok Sabha. This statement is incorrect. Captain Lakshmi Sehgal was not a member of the Lok Sabha, which is the lower house of the Parliament of India. She focused more on political activism and social work rather than holding political office.
Option 4 mentions that she was awarded the Padma Vibhushan. This statement is not mentioned in the question, so we cannot confirm its correctness.
Therefore, the correct answer is option 3.