Apologies for the Civvy input here but if you dont get the VC for throwing yourself on a grenade and taking the explosion then what do you get one for?
MotF,
In my day there was a manual laying out the criteria for all the major decorations (Can't remember what it was called).
IIRC the criteria for the VC was:
An act in the presence of the enemy with a 90% probability of being killed, with special consideration being given to those rescuing wounded comrades.
EG