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The question asks us to identify the person who was not elected for two terms as the Speaker of Lok Sabha. Let`s analyze each option provided:
Option 1: G.M.C. Balayogi - We do not have any information about G.M.C. Balayogi being elected for two terms as the Speaker of Lok Sabha.
Option 2: N. Sanjiva Reddy - N. Sanjiva Reddy served as the Speaker of Lok Sabha from 1967 to 1969, but he was not elected for two terms.
Option 3: Balram Jakhar - Balram Jakhar was elected as the Speaker of Lok Sabha for two terms, from 1980 to 1989.
Option 4: Bali Ram Bhagat - We do not have any information about Bali Ram Bhagat being elected for two terms as the Speaker of Lok Sabha.
Based on the analysis, option 4 (Bali Ram Bhagat) is the correct answer because there is no information to suggest that he was elected for two terms as the Speaker of Lok Sabha.
Note: It is important to consider that the information provided may be subject to change or further verification.