Detailed Solution:
The correct answer is “Both 1 and 2”.
Article 87 of the constitution provides two instances when the President specially addresses both Houses of Parliament.
The President of India addresses both the Rajya Sabha and the Lok Sabha at the beginning of the first Session after each general election when the reconstituted lower house meets for the first time.
The President also addresses both the houses at beginning of the first session of each year.
The President's speech essentially highlights the government’s policy priorities and plans for the upcoming year.
The address provides a broad framework of the government’s agenda and direction.