Correct Option
The Speaker of the Lok Sabha addresses their letter of resignation to the Deputy Speaker of the Lok Sabha. This provision is explicitly stated in Article 94(b) of the Constitution of India.
Incorrect Options
Statement 1: The Speaker does not hold office during the pleasure of the President. The Speaker normally holds office until the first meeting of the new Lok Sabha after the dissolution of the one he/she was elected to. The Speaker can be removed from office by a resolution passed by a majority of all the then members of the Lok Sabha, after giving 14 days' advance notice. This is outlined in Article 94(c) of the Constitution.
Statement 2: To be elected as Speaker, a person must be a member of the Lok Sabha. There is no constitutional provision or parliamentary rule that allows a non-member to be elected as Speaker and then acquire membership within six months, unlike the provision for ministers under Article 75(5).