Final answer:
In the parliamentary system, features include collective responsibility of the executive to the legislature and leadership by the Prime Minister, who may dissolve the Lok Sabha. The Rajya Sabha cannot be dissolved, making option c) 'I and III only' the correct answer.
Step-by-step explanation:
The question pertains to the features of a parliamentary form of government. In such a system, one of the key features is the collective responsibility of the executive to the legislature, meaning that the Council of Ministers is accountable to the Parliament for its actions. This is covered under option I. Regarding option II, only the Lok Sabha can be dissolved; the Rajya Sabha is a permanent body and cannot be dissolved.
As for the leadership of the Prime Minister, in a parliamentary system, the Prime Minister leads the government and is a part of both the legislature and the executive, and therefore has the authority to dissolve the Lok Sabha before the completion of its term if necessary. This aligns with option III. Hence, the correct answer to the features of the parliamentary form of government is 'I and III only', which corresponds to option c).