Which of the following is NOT correct about the eligibility criteria for being elected as Vice President of India?

He/She should be qualified for election as a member of the Lok Sabha.

The correct answer is Option 4 - He/She should be qualified for election as a member of the Lok Sabha.

The statement "He/She should be qualified for election as a member of the Lok Sabha" is NOT correct about the eligibility criteria for being elected as Vice President of India.
The candidate must be qualified for election as a member of the Rajya Sabha (not Lok Sabha). This basically means meeting the requirements to be a member of the upper house of parliament.
Vice President is elected by the members of an electoral college consisting of the members of both houses of Parliament.

All the other conditions listed are indeed correct for being elected as Vice President of India.

The candidate must be a citizen of India.
The candidate must have completed 35 years of age.
The candidate cannot hold any office of profit under the government.