Best Way to Protect LED TV: Varistor V275LA40BP vs ZMPT101B Sensor & Relay for 200-250V AC

I want to protect my LED TV from low and high voltages and also from voltage surges. Required output voltage range 200 - 250V AC (RMS).
I want to make it simple and effective one. Which one of these two options work best and please recommend other solutions

1. Just use a varistor V275LA40BP to protect from high and surge voltages due to lightning.
2. Along with option 1. Monitor the input voltage using zmpt101b sensor and a microcontroller and then switch on/off mechanical relay based on the input voltage.

I prefer option number 2. However, I think using a voltage stabilizer could be a simpler solution.

If you want a simple and effective solution, I would recommend using a voltage regulator in combination with a varistor. A voltage regulator can be used to regulate the voltage to a desired level, and a varistor can be used to provide protection against high and surge voltages. This combination would provide protection against both low and high voltages, as well as surges, and would be relatively simple to implement.

Many SMPSs in TV sets operate over a very wide range of voltages, check the name plate. They will also have transient protection built in, and possibly/probably under/over voltage lockout as well.
My twelve year old set operates over 90-240V, we have a nominal 230V supply.
It is good practice to use a spark arrestor together with a TVS device. MOVs deteriorate with cumulative surges, and need replacing every so often. Also they have a very soft knee, your voltage could get up over 500V peak and the MOV is drawing just 1mA.
If you have problems with lightening nearby, the best solution is still to pull the plug, both power and aerial if it is external, if at all practical. The best transient protection in the world won't help with a close by strike, I have seen the results of flash over.
Best bet probably offered by a mains stabilizer if you want to go that far, but it has to be built to a high standard as well (tested to the appropriate standards), or you could end up replacing them at a total cost greater than that of your TV, and at worst it could fail and take out your TV as well.
Cheers,
Richard