Option 1 -> JUGNU is an Indian nanosatellite used for Earth observation and technology demonstration, not specifically for oceanographic studies.
Option 2 -> SARAL (Satellite with ARgos and ALtika) is an Indo-French satellite mission specifically designed for oceanographic studies, carrying the AltiKa altimeter to measure sea surface elevation and ocean circulation.
Option 3 -> INSAT (Indian National Satellite system) is used for telecommunications, television broadcasting, meteorology, disaster warning, and search-and-rescue operations.
Option 4 -> HAMSAT (HAM radio Satellite) is designed for amateur radio communications and technology demonstration purposes.
Hence, Option 2: SARAL -> This Indo-French collaborative mission launched in 2013 is dedicated to studying ocean parameters including sea surface height, ocean circulation patterns, and significant wave heights using its specialized AltiKa altimeter payload -> correct