Explanation:

The National Consumer Disputes Redressal Commission (NCDRC) established in 1988 under the Consumer Protection Act of 1986.
Statement 1 is correct- According to Section 21 of Consumer Protection Act, NCRCC shall have – Jurisdiction to entertain a complaint valued more than one crore and Appellate and Revisional jurisdiction from the orders of State Commissions or the District fora as the case may be.
Statement 2 is incorrect- The commission is headed by a sitting or retired judge of the Supreme Court of India.
Under Section 23 of Consumer Protection Act, 1986, any person aggrieved by an order of NCDRC, may file an Appeal against such order to Supreme Court of India within a period of 30 days. Recently, The National Consumer Disputes Redressal Commission (NCDRC) has directed Birla Sun Life Insurance company to pay the insured amount plus 8% interest to family of a man, who had insured himself for Rs. 5 crore, after finding that he did not die of suicide.