Linxea Spirit 2 Review 2026: Full Spirica Policy Test

Linxea Spirit 2 at a glance

Linxea Spirit 2 is a multi-fund life insurance policy distributed by the online broker Linxea and underwritten by Spirica, a subsidiary of Credit Agricole Assurances. Launched in 2020 to succeed the original Linxea Spirit, it quickly established itself as one of the most recommended policies among France's community of self-directed savers.

Its reputation rests on a rare combination: fees among the lowest on the market, an exceptionally broad range of unit-linked funds (ETFs, SCPIs, SCIs, OPCIs, direct equities) and the option to invest 100 % in unit-linked funds with no euro fund obligation.

Our overall score: 9/10

Policy fact sheet

Fees: the number one strength

0 % entry fees

Linxea Spirit 2 charges no fees on contributions, whether the initial investment or additional payments. This is the norm for online policies, but it still represents a considerable advantage over traditional bank policies, which often charge 2 to 4 % on each contribution.

Practical impact: On a 10,000 euro investment, a bank policy with 3 % entry fees actually invests only 9,700 euros. With Linxea Spirit 2, the full 10,000 euros are invested. Over 20 years at a 5 % return, this initial 300 euro difference grows to approximately 800 euros in additional capital.

0.50 % management fees: the best-in-class standard

Annual management fees of 0.50 % on both unit-linked funds and the euro fund are among the lowest on the market. For comparison:

• Traditional bank policies: 0.80 % to 1.00 % unit-linked management fees
• Boursorama Vie: 0.75 %
• Linxea Avenir 2: 0.60 %
• Lucya Cardif: 0.50 %
• Linxea Spirit 2: 0.50 %

On a 100,000 euro portfolio, the difference between 0.50 % and 0.85 % in management fees represents 350 euros per year, or approximately 8,000 euros over 20 years (without accounting for the compounding effect).

0 % switching fees

Switches (transfers between funds within the policy) are free and unlimited. This allows you to rebalance your allocation or change strategy at no cost.

Euro funds: solid, though not the best

Linxea Spirit 2 offers two main euro funds.

Fonds Euro Nouvelle Generation

• 2024 return: approximately 2.00 % net of management fees
• Features: new-generation euro fund with a portion invested in property and diversified assets
• Accessible without constraints on unit-linked allocation

This is the default euro fund of the policy. Its return is decent but trails the best on the market (Suravenir Opportunites 2 at 2.50 %, Garance at 3.50 %).

Fonds Euro General Spirica

• 2024 return: 3.13 % net of management fees (subject to conditions)
• Conditions: return is boosted based on the share of unit-linked funds in the policy. The 3.13 % rate is delivered with a significant unit-linked allocation (50 % minimum).
• Without bonuses: the base return is closer to 2.00 %

This euro fund becomes highly competitive for investors who maintain a substantial unit-linked allocation, which is naturally the case for Linxea Spirit 2 users (who typically choose 60 to 80 % unit-linked).

Our view on the euro funds

The Linxea Spirit 2 euro funds are not the most competitive on the market if you are looking for a 100 % euro fund policy. But for a self-directed investor who uses the euro fund as a safety pocket (20-30 % of the policy), the 2.00 to 3.13 % return is perfectly satisfactory, especially given the 0.50 % management fees are among the lowest available.

Euro fund score: 7/10

Unit-linked funds: the real differentiator

It is on unit-linked funds that Linxea Spirit 2 stands apart. The range is one of the broadest and highest quality on the market.

ETFs (~40 trackers)

The selection of approximately 40 ETFs covers the main global indices:

• World: Amundi MSCI World (CW8), Amundi MSCI World SRI (WSRI)
• United States: Amundi S&P 500, Amundi Nasdaq-100
• Europe: Lyxor MSCI Europe, Amundi CAC 40
• Emerging markets: iShares MSCI EM
• Japan: Amundi MSCI Japan
• Bonds: Amundi Euro Government Bond, iShares Corporate Bond

For an index investor, this range allows you to build a complete global portfolio at low cost. The internal ETF fees (0.05 % to 0.38 %) added to the 0.50 % unit-linked fees give a total cost of 0.55 % to 0.88 % per year, two to three times less than a portfolio of traditional active funds.

ETF score: 8.5/10

SCPIs (~30 SCPI/SCI/OPCI)

This is the area where Linxea Spirit 2 is unquestionably the best policy on the market. Three key advantages:

1. 100 % of rental income distributed: unlike the majority of policies that retain 15 % of rental income, Spirica passes on 100 % of the revenue distributed by the SCPIs.
2. 100 % SCPI investment possible: no obligation to maintain a euro fund allocation. You can allocate the entire policy to SCPIs.
3. Broad range: Iroko Zen, Remake Live, Epargne Pierre, Pierval Sante, Primovie, Novaxia NEO, Corum Origin (via Corum Life only), etc.

Practical example: A 50,000 euro SCPI investment with an average yield of 5.50 % in a policy distributing 100 % of rental income (Linxea Spirit 2) generates 2,750 euros in capitalised income per year. The same investment in a policy distributing 85 % of rental income generates only 2,337 euros, or 413 euros less per year. Over 15 years, this cumulative gap exceeds 6,000 euros.

SCPI score: 10/10

OPCVM and traditional funds

Approximately 600 traditional active funds are available, covering all asset classes: French, European and international equities, bonds, diversified funds, ISR funds. The major asset management houses are represented: Comgest, Carmignac, Edmond de Rothschild, DNCA, Mandarine, Lazard.

Direct equities and structured products

Linxea Spirit 2 also provides access to individual stocks (directly listed shares) and structured products (formula-based products), further expanding allocation possibilities.

Managed portfolio

Linxea Spirit 2 offers managed portfolio mandates for investors who prefer to delegate the management of their portfolio. Several profiles are available (cautious, balanced, dynamic) with automatically adjusted allocations.

Our view: the managed portfolio is decent but it is not the policy's strong suit. Investors who choose Linxea Spirit 2 are generally self-directed savers managing their own allocations. For a higher-quality managed portfolio, Yomoni or Nalo offer more competitive mandates (though with additional fees).

Managed portfolio score: 7/10

Interface and user experience

The Spirica client dashboard

The Spirica online dashboard lets you perform all standard operations: contributions, withdrawals, switches, fund consultation. The interface is functional but lacks the modernity of neobanks or fintech platforms.

Processing times

• Contributions: processed within 2 to 5 working days
• Switches: executed within 48 to 72 hours
• Partial withdrawals: transferred within 72 hours to 5 working days
• Full withdrawal: within 30 days

These processing times are in line with the market norm but could be improved.

Mobile app

The mobile app is basic. It allows you to check your positions and track performance, but switching and contribution operations are more comfortable on the web interface.

Interface score: 6.5/10

Advantages of Linxea Spirit 2

1. Lowest fees on the market: 0 % entry, 0.50 % unit-linked management, 0 % switching. Virtually unbeatable.
2. Best policy for SCPIs: 100 % of rental income distributed, 100 % SCPI investment possible, broad SCPI range.
3. Complete ETF range: approximately 40 trackers covering all geographic zones.
4. No euro fund minimum: total freedom of allocation between unit-linked funds and euro fund.
5. Solid insurer: Spirica is a subsidiary of Credit Agricole Assurances, Europe's leading bancassurer.
6. Free and unlimited switches: rebalancing at no cost.

Drawbacks of Linxea Spirit 2

1. Average euro fund: the base return (without unit-linked bonus) is approximately 2.00 %, trailing the best euro funds on the market (Garance at 3.50 %, Corum EuroLife at 4.45 %).
2. Dated interface: the Spirica client dashboard lacks modernity and ergonomics. It is far from the user experience of a Boursorama or Yomoni.
3. 500 euro initial investment: a barrier for very small budgets (Linxea Avenir 2 starts at 100 euros).
4. No premium managed portfolio: the management mandates are decent but not at the level of specialised robo-advisors.
5. Processing times could improve: 48-72 hour switches are standard but faster execution would be appreciated.

Who is Linxea Spirit 2 for?

The ideal profile

Linxea Spirit 2 is the ideal policy for:

• Self-directed investors who want to build and manage their own ETF/SCPI/fund portfolio
• SCPI investors who want to maximise their property returns through life insurance (100 % of rental income, no diversification constraints)
• Fee-conscious savers who understand the impact of fees on long-term performance
• ETF investors who want access to Amundi, iShares and Lyxor trackers within a tax-efficient wrapper

Best avoided if...

• You are looking for the best euro fund on the market: opt for Garance or a Suravenir policy
• You want 100 % delegated management with a modern interface: consider Yomoni or Nalo
• You are a complete beginner who needs guidance: a bank policy like Boursorama Vie will be more accessible

Linxea Spirit 2 vs the competition

Vs Lucya Cardif: Lucya Cardif offers a broader unit-linked range (2,300 vs 700) and a slightly better euro fund. But Linxea Spirit 2 wins on SCPIs (100 % of rental income distributed vs variable) and allocation freedom. The two policies are complementary and many savers hold both.

Vs Linxea Avenir 2: Linxea Avenir 2 has the advantage of a 100 euro minimum investment and slightly higher fees (0.60 %). Linxea Spirit 2 is superior on SCPIs and management fees.

Vs Boursorama Vie: Boursorama Vie offers the best interface on the market and banking integration, but its 0.75 % fees and more limited range penalise it for the discerning self-directed investor.

Our final verdict

Linxea Spirit 2 fully deserves its reputation as the best life insurance policy for self-directed management. Its unbeatable fees, exceptional SCPI range and ETF selection make it the number one choice for the self-directed investor who wants to build a diversified portfolio at the lowest possible cost.

Its weak points (average interface, improvable euro fund) are largely offset by its qualities. It is a policy to hold in any multi-policy strategy, potentially alongside a Lucya Cardif (for the depth of unit-linked range) or a policy with a high-performing euro fund.

Final score: 9/10