The Indian life insurance industry in FY 24-25 reveals a stark contrast. While private insurers drive premium growth through ULIPs, overall policy volumes are de-growing. With IRDAI's new EOM guidelines pushing first-year commissions up to 45% and solvency margins heavily reliant on FFA, are balance sheets at risk? Discover our deep dive into VNB margins, solvency ratios, and the strategic playbook of top insurers.