Best SCPIs in Life Insurance 2026: Comparison

Why invest in SCPIs through life insurance?

SCPIs (Societes Civiles de Placement Immobilier -- essentially French real estate investment trusts) offer attractive returns backed by commercial real estate. However, their taxation when held directly is heavy: rental income is taxed at the progressive income tax rate (up to 45 %) plus social contributions (17.2 %). In total, the tax burden can reach 62.2 % for the wealthiest households.

Life insurance changes the equation entirely. SCPI rental income is reinvested within the policy with no immediate taxation. On withdrawal after 8 years, taxation is reduced to 7.5 % after a tax-free allowance of 4,600 euros (9,200 euros for a couple) plus 17.2 % social contributions. This is a considerable tax saving over the long term.

One crucial question remains: not all SCPIs are available in every life insurance policy, and conditions vary greatly from one insurer to another. This guide reviews the best SCPIs and the best policies to access them in 2026.

The best SCPIs available in life insurance in 2026

2024 return overview

2024 confirmed the SCPI market recovery after the 2023 correction. The best-performing SCPIs posted distribution rates well above the market average (4.52 % according to ASPIM).

SCPI-by-SCPI analysis

Corum Origin: the European benchmark (6.06 % in 2024)

Corum Origin is the flagship SCPI of Corum AM. Diversified across 13 European countries (Netherlands, Ireland, Finland, Portugal, Spain...), it has distributed a return above 6 % every year since its creation in 2012. Its real estate portfolio comprises offices, retail, hotels, and logistics properties.

Key strength: geographical diversification protects it from the ups and downs of any single real estate market. In 2023, while many French SCPIs saw their share prices fall, Corum Origin remained stable.

Life insurance limitation: Corum Origin is only available in the Corum Life policy, Corum AM's own product. You won't find it at Linxea or Lucya Cardif.

Remake Live: the highest return (7.79 % in 2024)

Remake Live is the SCPI that posted the best distribution rate in 2024 among vehicles of significant size. Managed by Remake AM, it invests in diversified assets across France and Europe with an opportunistic approach.

Key strength: 0 % entry fees (versus 8-12 % for traditional SCPIs), which significantly improves net performance in the early years.

To watch: its youth (founded in 2022) and still modest capitalisation mean a limited performance track record.

Iroko Zen: the high-performing fee-free option (7.12 % in 2024)

Iroko Zen has established itself as one of the most popular SCPIs among online savers. With 0 % entry fees and returns consistently above 7 %, it offers an exceptional return-to-fee ratio.

Key strength: the zero-entry-fee policy means your capital is immediately put to work. Its diversified portfolio (retail, offices, logistics, healthcare) across France and Europe provides good risk pooling.

Life insurance availability: Iroko Zen is available at Linxea Spirit 2 and Placement-direct Vie, but not with all insurers.

Novaxia NEO: the urban transformation specialist (6.51 % in 2024)

Novaxia NEO differentiates itself through its theme: transforming obsolete offices into housing or mixed-use spaces. This counter-cyclical approach to the traditional office market allows it to capture value in the post-Covid real estate reorganisation.

Key strength: a unique positioning and high returns with 0 % entry fees.

Epargne Pierre: the historical pillar (5.28 % in 2024)

Managed by Atland Voisin, Epargne Pierre is one of the most widely distributed SCPIs in life insurance. Its 2.5 billion euro capitalisation and long track record make it a core portfolio choice.

Key strength: broad sector and geographical diversification across France, with a stable return track record around 5 %.

Pierval Sante: the benchmark healthcare SCPI (5.10 % in 2024)

Specialising in healthcare real estate (clinics, care homes, medical offices, laboratories), Pierval Sante benefits from a structurally growth-oriented sector linked to population ageing.

Key strength: a defensive theme that is uncorrelated with traditional economic cycles.

Primovie: the healthcare-education giant (4.12 % in 2024)

With nearly 4 billion euros in capitalisation, Primovie is one of the largest SCPIs on the market. Invested in healthcare and education, it offers great stability but a more modest return.

Key strength: the portfolio size ensures excellent risk pooling. The insurer can more easily guarantee liquidity on a SCPI of this size.

The best life insurance policies for SCPI investing

Not all policies are equal when it comes to SCPI investing. Conditions vary significantly: rental income pass-through rate, unit-linked management fees, number of available SCPIs, and whether diversification with the euro fund is required.

Linxea Spirit 2: the champion for SCPIs in life insurance

Linxea Spirit 2 is unanimously considered the best policy for investing in SCPIs through life insurance. The reasons are multiple:

• 100 % of rental income passed through: unlike many policies that retain 15 % of rental income, Spirica passes through the full amount distributed by the SCPIs. On a 6 % return, the difference between 85 % and 100 % pass-through represents 0.9 percentage points of annual return.
• 100 % SCPI allocation allowed: no obligation to diversify with the euro fund. You can invest the entirety of your policy in SCPIs if you wish.
• 0.50 % management fees: among the lowest on the market for unit-linked funds.
• Broad range: approximately 30 SCPIs/SCIs/OPCIs available, including Iroko Zen, Remake Live, Epargne Pierre, Pierval Sante, Primovie, and Novaxia NEO.

Concrete example: Marc, age 45, invests 50,000 euros in SCPIs via Linxea Spirit 2. Allocation: 40 % Iroko Zen, 30 % Epargne Pierre, 30 % Pierval Sante. Weighted average gross return: 5.96 %. After unit-linked management fees (0.50 %), estimated net annual return: 5.46 %, or approximately 2,730 euros per year reinvested in the policy.

Placement-direct Vie: a broad SwissLife selection

Distributed by Placement-direct.fr and underwritten by Swiss Life, this policy offers an extensive SCPI range with competitive conditions. Rental income pass-through is 100 %.

Limitation: unlike Linxea Spirit 2, Placement-direct Vie generally requires diversification between SCPIs and the euro fund (the policy may limit the SCPI allocation to 50-70 %).

Lucya Cardif: BNP Paribas strength

Underwritten by BNP Paribas Cardif, Lucya Cardif offers approximately twenty SCPIs in its range. The insurer is one of the strongest in Europe. However, the rental income pass-through rate varies by SCPI and can drop to 85 % for some, which reduces the net return delivered.

Corum Life: the in-house policy with 0 % unit-linked management fees

Corum Life is a special case. It's the life insurance policy of Corum AM, the management company behind Corum Origin, Corum XL, and Corum Eurion. Its exclusive advantage: 0 % management fees on unit-linked funds, providing 0.50 percentage points of additional return compared to competitors.

Major limitation: only Corum SCPIs are available. If you want to diversify with other SCPIs, ETFs, or funds, this policy is not suitable. It's a single-range policy, designed for those committed to the Corum universe.

Conditions to check before investing

Rental income pass-through rate

This is the most important and most often overlooked criterion. A policy that only passes through 85 % of rental income on a 6 % SCPI will actually deliver 5.10 % (before unit-linked management fees). The gap versus a 100 % pass-through policy is enormous over time.

Simple rule: at equivalent management fees, always choose the policy that passes through 100 % of rental income.

SCPI unit-linked management fees

Annual unit-linked management fees on SCPI investments are typically 0.50 % to 0.75 % depending on the policy. On a 5 % return, the difference between 0.50 % and 0.75 % in fees represents 5 % less annual income, which accumulates over the years.

Enjoyment delay

When buying SCPIs directly, the enjoyment delay (the period before you start receiving rental income) is 3 to 6 months. In life insurance, this delay can be reduced by some insurers, improving effective first-year returns.

Minimum investment

Most policies require a minimum of 1,000 euros per SCPI line. Corum Life is an exception with a minimum of only 50 euros, making SCPI investing accessible with very small amounts.

Diversification requirement

Some insurers require maintaining a portion in the euro fund (25 to 50 %). If your goal is a 100 % SCPI portfolio in life insurance, check this condition. Linxea Spirit 2 and Corum Life are among the rare options allowing a 100 % SCPI/unit-linked allocation.

SCPI allocation strategies in life insurance

Defensive strategy: the core portfolio

For a conservative investor, the strategy involves combining large-cap SCPIs with long track records:

• 40 % Epargne Pierre (5.28 %): office/retail pillar, large capitalisation
• 30 % Pierval Sante (5.10 %): defensive healthcare sector
• 30 % Primovie (4.12 %): healthcare/education, benchmark SCPI

Weighted average return: 4.87 % before unit-linked management fees.

Dynamic strategy: maximising returns

For an investor accepting more risk on younger but higher-performing SCPIs:

• 35 % Remake Live (7.79 %): highest return, no direct entry fees
• 35 % Iroko Zen (7.12 %): no entry fees, diversified
• 30 % Novaxia NEO (6.51 %): urban transformation, unique theme

Weighted average return: 7.18 % before unit-linked management fees.

Balanced strategy: the best of both worlds

• 30 % Corum Origin (6.06 %): exceptional track record, European diversification
• 25 % Iroko Zen (7.12 %): high return, no fees
• 25 % Epargne Pierre (5.28 %): stability and track record
• 20 % Pierval Sante (5.10 %): healthcare, defensive sector

Weighted average return: 5.94 % before unit-linked management fees.

Mistakes to avoid

Focusing solely on returns

A high return can mask risks: a young SCPI with limited property, excessive sector or geographical concentration, or returns inflated by exceptional items. Favour SCPIs with at least 3 years of track record and capitalisation above 300 million euros.

Ignoring cumulative fees

The displayed return is the SCPI's distribution rate, not your net return. You must deduct:

• The policy's unit-linked management fees (typically 0.50 %)
• Any rental income retention (if pass-through is below 100 %)

Example: a 6 % SCPI in a policy with 0.60 % unit-linked fees and 85 % pass-through yields a net return of: 6 % x 85 % - 0.60 % = 4.50 %. The same SCPI in a policy with 0.50 % fees and 100 % pass-through yields: 6 % - 0.50 % = 5.50 %. The 1 percentage point annual gap is considerable over 10 or 20 years.

Investing 100 % in SCPIs without keeping liquidity

SCPIs are relatively illiquid assets, even within life insurance. Always keep a liquidity pocket (euro fund or money market) for unexpected withdrawal needs. A 20 to 30 % euro fund allocation is a minimum precaution.

Conclusion: our selection for 2026

For investing in SCPIs through life insurance in 2026, our recommendation is clear:

• Best policy: Linxea Spirit 2 (100 % rental income pass-through, 0.50 % fees, 30 SCPIs, option to invest 100 % in SCPIs)
• Best single-range SCPI policy: Corum Life (0 % unit-linked management fees, but Corum SCPIs only)
• Best SCPI for returns: Remake Live (7.79 %) and Iroko Zen (7.12 %)
• Best SCPI for track record: Corum Origin (6.06 %, over 10 years of track record)
• Best defensive SCPI: Pierval Sante (5.10 %, healthcare sector)

The key is to check three things before signing up: the rental income pass-through rate (aim for 100 %), the unit-linked management fees (aim for 0.50 % maximum), and the ability to invest at your desired level without forced diversification requirements.