Option 1: "Both the statements are individually true and Statement II is the correct explanation of Statement I." This option is incorrect because while both statements are individually true, Statement II does not correctly explain Statement I. The secondary rainbow does appear due to refraction after a reflection of sunlight from the water droplets, but this is not the reason why we occasionally see two rainbows together.

Option 2: "Both the statements are individually true but Statement II is NOT the correct explanation of Statement I." This is the correct answer. Both Statement I and Statement II are true, but the secondary rainbow appearing due to refraction after a reflection of sunlight is not the correct explanation for why we occasionally see two rainbows together. The primary rainbow is formed by the refraction and reflection of sunlight inside water droplets, while the secondary rainbow is formed by two refractions and one reflection inside the droplets. The secondary rainbow appears at a higher angle and is less intense than the primary rainbow, hence appearing about 10 degrees away.

Option 3: "Statement I is true but Statement II is false." This option is incorrect because both Statement I and Statement II are true.

Option 4: "Statement I is false but Statement II is true." This option is incorrect