497

IVY FUNDS VARIABLE INSURANCE PORTFOLIOS

6300 LAMAR AVENUE

P. O. BOX 29217

SHAWNEE MISSION, KANSAS 66201-9217

December 19, 2012

Securities and Exchange Commission

100 F Street NE

Washington DC 20549

Re: Ivy Funds Variable Insurance Portfolios (Registrant)

File Nos. 811-5017 and 33-11466/CIK #810016

On behalf of the Registrant, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information, contained in the Registrant’s Prospectus dated April 30, 2012, and as supplemented December 3, 2012, and filed pursuant to Rule 497(e) under the Securities Act of 1933, as amended. The purpose of this filing is to submit the data in XBRL format for the Registrant.

If you have any questions or comments concerning the foregoing, please contact me at 913-236-2227.

Very truly yours,

/s/Philip A. Shipp

Philip A. Shipp

Assistant Secretary

XML

Ivy Funds Variable Insurance Portfolios

Supplement dated December 3, 2012 to the

Ivy Funds Variable Insurance Portfolios Prospectus

dated April 30, 2012

and as supplemented June 4, 2012

The Annual Portfolio Operating Expenses table in the "Fees and Expenses" section for Ivy Funds VIP Real Estate Securities is deleted and replaced with the following:

Annual Portfolio Operating Expenses

(expenses that you pay each year as a % of the value of your investment)
Management Fees	0.90%
Distribution and Service (12b-1) Fees	0.25%
Other Expenses	0.18%
Total Annual Portfolio Operating Expenses	1.33%
Fee Waiver and/or Expense Reimbursement1	0.09%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.24%

1  Through April 30, 2014, Waddell & Reed Investment Management Company (WRIMCO), the Fund's investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by WRIMCO or the Board of Trustees.

The "Example" section in the "Fees and Expenses" section for Ivy Funds VIP Real Estate Securities is deleted and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the shares of the Portfolio with the cost of investing in other portfolios. This example does not reflect any fees and expenses imposed under the Policies.

The example assumes that you invest $10,000 in the shares of the Portfolio for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same taking into account that expenses were reduced for the period indicated above. The costs are the same for each time period if you continue to hold your shares or if you redeem all your shares at the end of those periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year	3 Years		5 Years		10 Years
$126	$	413	$	720	$	1,594

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

Ivy Funds Variable Insurance Portfolios

Prospectus Date

rr_ProspectusDate

Apr. 30, 2012

Supplement [Text Block]

ifvip1_SupplementTextBlock

Ivy Funds Variable Insurance Portfolios

Supplement dated December 3, 2012 to the

Ivy Funds Variable Insurance Portfolios Prospectus

dated April 30, 2012

and as supplemented June 4, 2012

The Annual Portfolio Operating Expenses table in the "Fees and Expenses" section for Ivy Funds VIP Real Estate Securities is deleted and replaced with the following:

Annual Portfolio Operating Expenses

(expenses that you pay each year as a % of the value of your investment)
Management Fees	0.90%
Distribution and Service (12b-1) Fees	0.25%
Other Expenses	0.18%
Total Annual Portfolio Operating Expenses	1.33%
Fee Waiver and/or Expense Reimbursement1	0.09%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.24%

1  Through April 30, 2014, Waddell & Reed Investment Management Company (WRIMCO), the Fund's investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by WRIMCO or the Board of Trustees.

The "Example" section in the "Fees and Expenses" section for Ivy Funds VIP Real Estate Securities is deleted and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the shares of the Portfolio with the cost of investing in other portfolios. This example does not reflect any fees and expenses imposed under the Policies.

The example assumes that you invest $10,000 in the shares of the Portfolio for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same taking into account that expenses were reduced for the period indicated above. The costs are the same for each time period if you continue to hold your shares or if you redeem all your shares at the end of those periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year	3 Years		5 Years		10 Years
$126	$	413	$	720	$	1,594

Ivy Funds VIP Real Estate Securities

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

ifvip1_SupplementTextBlock

Ivy Funds Variable Insurance Portfolios

Supplement dated December 3, 2012 to the

Ivy Funds Variable Insurance Portfolios Prospectus

dated April 30, 2012

and as supplemented June 4, 2012

The Annual Portfolio Operating Expenses table in the "Fees and Expenses" section for Ivy Funds VIP Real Estate Securities is deleted and replaced with the following:

Annual Portfolio Operating Expenses

(expenses that you pay each year as a % of the value of your investment)
Management Fees	0.90%
Distribution and Service (12b-1) Fees	0.25%
Other Expenses	0.18%
Total Annual Portfolio Operating Expenses	1.33%
Fee Waiver and/or Expense Reimbursement1	0.09%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.24%

1  Through April 30, 2014, Waddell & Reed Investment Management Company (WRIMCO), the Fund's investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by WRIMCO or the Board of Trustees.

The "Example" section in the "Fees and Expenses" section for Ivy Funds VIP Real Estate Securities is deleted and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the shares of the Portfolio with the cost of investing in other portfolios. This example does not reflect any fees and expenses imposed under the Policies.

The example assumes that you invest $10,000 in the shares of the Portfolio for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same taking into account that expenses were reduced for the period indicated above. The costs are the same for each time period if you continue to hold your shares or if you redeem all your shares at the end of those periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year	3 Years		5 Years		10 Years
$126	$	413	$	720	$	1,594

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Portfolio Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

April 30, 2014

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the shares of the Portfolio with the cost of investing in other portfolios. This example does not reflect any fees and expenses imposed under the Policies.

The example assumes that you invest $10,000 in the shares of the Portfolio for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same taking into account that expenses were reduced for the period indicated above. The costs are the same for each time period if you continue to hold your shares or if you redeem all your shares at the end of those periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Ivy Funds VIP Real Estate Securities | Ivy Funds VIP Real Estate Securities

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.18%

Total Annual Portfolio Operating Expenses

rr_ExpensesOverAssets

1.33%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.09%

^[1]

Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.24%

1 Year

rr_ExpenseExampleYear01

126

3 Years

rr_ExpenseExampleYear03

413

5 Years

rr_ExpenseExampleYear05

720

10 Years

rr_ExpenseExampleYear10

1,594

[1] Through April 30, 2014, Waddell & Reed Investment Management Company (WRIMCO), the Fund's investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated by WRIMCO or the Board of Trustees.

XML

Document and Entity Information	12 Months Ended
	Apr. 30, 2012
Risk/Return:
Document Type	Other
Document Period End Date	Dec. 31, 2011
Registrant Name	Ivy Funds Variable Insurance Portfolios
Central Index Key	0000810016
Amendment Flag	false
Document Creation Date	Dec. 03, 2012
Document Effective Date	Dec. 03, 2012
Prospectus Date	Apr. 30, 2012

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	Ivy Funds Variable Insurance Portfolios
Prospectus Date	rr_ProspectusDate	Apr. 30, 2012
Document Creation Date	dei_DocumentCreationDate	Dec. 03, 2012