Vinay Kumar, Member—The consumer complaint filed by two retired senior citizens, Paulose John and his wife, was allowed by the Consumer Disputes Redressal Forum Unit-1, Kolkata. Appeal of HDFC Bank against the same has also been dismissed by the West Bengal State Consumer Disputes Redressal Commission. However, while doing so, the State Commission has reduced the amount of compensation from Rs.5,00,000/- to Rs.75,000/-. Now, this Revision Petition is filed by the Complainants against such reduction of the compensation amount.

2. The cause of action arose out of a loan taken by the Complainants from the OPs/Bank on 23.4.2007. As security for this loan, the Complainants pledged their joint life insurance policy. The policy had commenced on 11.2.1993, was in currency and was to mature on 11.2.2013. Thus, Rs.146280/- had already been paid towards premia for 15 years, when the policy was offered as security.

3. As per the complaint before the District Forum, the total outstanding loan amount, including interest and excluding payments made by the complainants in between, the total amount came to Rs.80108.89 paisa as on 1.5.2008. On 27.5.2008 OP/ Bank surrendered the policy to the LI