XML 106 R161.htm IDEA: XBRL DOCUMENT v3.21.1
Label Element Value
Ivy VIP Government Money Market  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ivy VIP Government Money Market
Objective [Heading] rr_ObjectiveHeading Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
To seek to provide current income consistent with maintaining liquidity and preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses imposed under the variable life insurance policies and variable annuity contracts (collectively, Policies) through which this Portfolio is offered. See the Policy prospectus for a description of those fees and expenses.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses ratio shown in this table does not correlate to the expense ratio shown in the Financial Highlights table because (i) that ratio does not include the Acquired Fund Fees and Expenses and (ii) the Portfolio has a voluntary waiver that is not reflected above.
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. 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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
Ivy VIP Government Money Market seeks to achieve its objective by investing, under normal circumstances, at least 99.5% of its total assets in: (1) debt securities issued or guaranteed by the U.S. or certain U.S. government agencies or instrumentalities (government securities), (2) repurchase agreements that are fully collateralized by cash and/or government securities, and/or (3) cash. The Portfolio also has adopted a policy to invest, under normal circumstances, at least 80% of its net assets in government securities and/or repurchase agreements that are fully collateralized by government securities. In contrast to the Portfolio’s 99.5% policy, the Portfolio’s 80% policy does not include cash or repurchase agreements collateralized by cash. The Portfolio’s investments in government securities may include direct obligations of the U.S. Treasury (Treasury) (such as Treasury bills, notes or bonds), obligations issued or guaranteed as to principal and interest (but not as to market value) by the U.S. government, its agencies or instrumentalities, and mortgage-backed securities issued or guaranteed by government agencies or government-sponsored enterprises. The Portfolio considers repurchase agreements with the Federal Reserve Bank of New York to be government securities for purposes of the Portfolio’s investment policies.
The Portfolio seeks, as well, to maintain a net asset value (NAV) of $1.00 per share. The Portfolio maintains a dollar-weighted average maturity of 60 calendar days or less, a dollar-weighted average life of 120 calendar days or less, and the Portfolio invests only in securities with a remaining maturity of not more than 397 calendar days.
Ivy Investment Management Company (IICO), the Portfolio’s investment manager, selects securities for the Portfolio in compliance with the maturity, quality, diversification and liquidity requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (Rule 2a-7). IICO considers a number of factors in selecting securities for the Portfolio, including the credit quality of the particular issuer or guarantor of the security, along with the liquidity, maturity and yield.
Generally, in determining whether to sell a security, IICO uses the same type of analysis that it uses when buying securities to determine whether the security no longer offers adequate return or complies with Rule 2a-7. IICO also may sell a security to reduce the Portfolio’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
The Portfolio intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7. “Government money market funds” are exempt from requirements that permit money market funds to impose liquidity fees and/or temporary redemption gates. While the Board of Trustees of Ivy Variable Insurance Portfolios (Board) may elect in the future to subject the Portfolio to liquidity fees or redemption gates, the Board has not elected to do so at this time and has no current intention to do so.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time. The Portfolio is not intended as a complete investment program.
A variety of factors can affect the investment performance of the Portfolio and prevent it from achieving its objective. These include:
■
Amortized Cost Risk.
In the event that the Board determines that the extent of the deviation between the Portfolio’s amortized cost per share and its market-based NAV per share could result in material dilution or other unfair results to shareholders, the Board will cause the Portfolio to take such action as it deems appropriate to eliminate, or reduce to the extent practicable, such dilution or unfair results, including but not limited to, suspending redemption of Portfolio shares or liquidating the Portfolio.
■
Credit Risk.
An issuer of a fixed-income obligation may not make payments on the obligation when due or may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of the Portfolio’s securities could affect the Portfolio’s performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.
■
Income Risk.
The risk that the Portfolio may experience a decline in its income due to falling interest rates, earnings declines, or income decline within a security. The amount and rate of distributions that the Portfolio’s shareholders receive are affected by the income that the Portfolio receives from its portfolio holdings. If the income is reduced, distributions by the Portfolio to shareholders may be less.
■
Interest Rate Risk.
A rise in interest rates may cause a decline in the value of the Portfolio’s securities, especially securities with longer maturities. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security’s price. Thus, the sensitivity of the Portfolio’s debt securities to interest rate risk will increase with any increase in the duration of those securities. A decline in interest rates may cause the Portfolio to experience a decline in its income. Interest rates in the U.S. recently have been at, and remain near, historic lows, which may increase the Portfolio’s exposure to risks associated with rising rates. During periods of low short-term interest rates, the Portfolio may not be able to maintain a positive yield or may not be able to pay Portfolio expenses out of current income without impairing the Portfolio’s ability to maintain a stable NAV. In addition, a general rise in rates may result in decreased liquidity and increased volatility in the fixed-income markets generally. Changes to the monetary policy by the Federal Reserve or other regulatory actions may affect interest rates.
■
Management Risk.
Portfolio performance is primarily dependent on IICO's skill in evaluating and managing the Portfolio’s holdings. There can be no guarantee that its decisions will produce the desired results, and the Portfolio may not perform as well as other similar mutual funds.
■
Money Market Fund Regulatory Risk.
As a money market fund, the Portfolio is subject to the specific rules governing money market funds and is subject to regulation by the SEC. These rules govern the manner in which the Portfolio is structured and operated and could significantly affect the money market fund industry generally and, therefore, may impact Portfolio expenses, operations, returns and liquidity.
■
Mortgage-Backed and Asset-Backed Securities Risk.
Mortgage-backed and asset-backed securities are subject to prepayment risk and extension risk. When interest rates decline, unscheduled prepayments can be expected to
  accelerate, shortening the average lives of such securities, and the Portfolio may be required to reinvest the proceeds of the prepayments at the lower interest rates then available. Unscheduled prepayments also would limit the potential for capital appreciation on mortgage-backed and asset-backed securities, thereby reducing the Portfolio’s income. Conversely, when interest rates rise, the values of mortgage-backed and asset-backed securities generally fall. Rising interest rates typically result in decreased prepayments and longer average lives of such securities. This could cause the value of such securities to be more volatile or decline more than other fixed-income securities, and may magnify the effect of the rate increase on the price of such securities.
  Certain mortgage-backed securities are U.S. government securities. See
U.S. Government Securities Risk
for the risks of these types of securities. For non-U.S. government securities, there is the risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. government or supported by the right of the issuer to borrow from the U.S. government.
■
Redemption Risk.
The Portfolio may experience periods of heavy redemptions that could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Portfolio’s performance.
■
Reinvestment Risk.
A decline in interest rates may cause issuers to prepay higher-yielding securities held by the Portfolio, resulting in the Portfolio reinvesting in securities with lower yields, which may cause a decline in its income.
■
Repurchase Agreements Risk.
Repurchase agreements are agreements in which the seller of a security to the Portfolio agrees to repurchase that security from the Portfolio at a mutually agreed-upon price and time. The return on the securities subject to the repurchase agreement may be more or less than the return on the repurchase agreement. Repurchase agreements carry the risk that the counterparty may not fulfill its obligations under the agreement. This could cause the Portfolio’s income to decline and may impact the Portfolio’s performance.
■
U.S. Government Securities Risk.
Certain U.S. government securities, such as Treasury securities and securities issued by Ginnie Mae, are backed by the full faith and credit of the U.S. government. Other U.S. government securities, such as securities issued by Fannie Mae, Freddie Mac and the FHLB, are not backed by the full faith and credit of the U.S. government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the Treasury.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the Portfolio.
Risk Money Market Fund May Not Preserve Dollar [Text] rr_RiskMoneyMarketFundMayNotPreserveDollar Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Risk Money Market Fund Sponsor May Not Provide Support [Text] rr_RiskMoneyMarketFundSponsorMayNotProvideSupport The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The chart and table below provide some indication of the risks of investing in the Portfolio. The chart shows how performance has varied from year to year for Class II shares of the Portfolio. The table shows the average annual total returns for Class II shares of the Portfolio and also compares the Portfolio’s returns with those of a Morningstar peer group (comprised of a universe of mutual funds with investment objectives similar to that of the Portfolio). The performance results do not reflect any Policy-related fees and expenses, which would reduce the performance results.
Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower.
Prior to April 30, 2012, the Portfolio’s investment objective was to seek maximum current income consistent with stability of principal. Effective as of April 30, 2012, the Portfolio changed its investment objective to seeking to provide current income consistent with maintaining liquidity and preservation of capital.
Effective October 14, 2016, the Portfolio changed its name and investment strategy to reflect that it is classified as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7. Performance prior to October 14, 2016 reflects the Portfolio’s former investment strategy as a prime money market fund, which permitted investments in certain types of securities that, as a government money market fund, the Portfolio is no longer permitted to hold.
The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Current performance may be lower or higher. Please call (888) 923-3355 for the Portfolio’s updated performance, including its most recent 7-day yield.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The chart and table below provide some indication of the risks of investing in the Portfolio. The chart shows how performance has varied from year to year for Class II shares of the Portfolio. The table shows the average annual total returns for Class II shares of the Portfolio and also compares the Portfolio’s returns with those of a Morningstar peer group (comprised of a universe of mutual funds with investment objectives similar to that of the Portfolio).
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Portfolio’s past performance does not necessarily indicate how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Chart of Year-by-Year Returns as of December 31 each year
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The performance results do not reflect any Policy-related fees and expenses, which would reduce the performance results.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
In the period shown in the chart, the highest quarterly return was 0.50% (the first quarter of 2019) and the lowest quarterly return was 0.00% (the
first
, second,
third
and fourth quarters of 2011, 2012, 2013, 2014 and 2015 and the first quarter of 2016 and the third
and
fourth quarters of 2020). As of December 31, 2020, the 7-day yield was 0.01%. Yields are computed by annualizing the average daily dividend per share during the time period for which the
yield
is presented.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns as of December 31, 2020
Money Market Seven Day Yield, Caption [Text] rr_MoneyMarketSevenDayYieldCaption As of December 31, 2020, the 7-day yield was 0.01%. Yields are computed by annualizing the average daily dividend per share during the time period for which the yield is presented.
Money Market Seven Day Yield Phone rr_MoneyMarketSevenDayYieldPhone (888) 923-3355
Money Market Seven Day Yield rr_MoneyMarketSevenDayYield 0.01%
Ivy VIP Government Money Market | Class II  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther
Management Fees rr_ManagementFeesOverAssets 0.35%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 151
5 Years rr_ExpenseExampleYear05 263
10 Years rr_ExpenseExampleYear10 591
1 Year rr_ExpenseExampleNoRedemptionYear01 48
3 Years rr_ExpenseExampleNoRedemptionYear03 151
5 Years rr_ExpenseExampleNoRedemptionYear05 263
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 591
2011 rr_AnnualReturn2011 0.02%
2012 rr_AnnualReturn2012 0.02%
2013 rr_AnnualReturn2013 0.02%
2014 rr_AnnualReturn2014 0.02%
2015 rr_AnnualReturn2015 0.02%
2016 rr_AnnualReturn2016 0.13%
2017 rr_AnnualReturn2017 0.59%
2018 rr_AnnualReturn2018 1.53%
2019 rr_AnnualReturn2019 1.83%
2020 rr_AnnualReturn2020 0.37%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2019
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 0.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn none
Lowest Quarterly Return, Date 4th Quarter 2015 ifvip_Lowestquarterlyreturndate4thquarter2015 Dec. 31, 2015
Lowest Quarterly Return, Date 3rd Quarter 2015 ifvip_Lowestquarterlyreturndate3rdquarter2015 Sep. 30, 2015
Lowest Quarterly Return, Date 2nd Quarter 2015 ifvip_Lowestquarterlyreturndate2ndquarter2015 Jun. 30, 2015
Lowest Quarterly Return, Date 1st Quarter 2015 ifvip_Lowestquarterlyreturndate1stquarter2015 Mar. 31, 2015
Lowest Quarterly Return, Date 4th Quarter 2014 ifvip_Lowestquarterlyreturndate4thquarter2014 Dec. 31, 2014
Lowest Quarterly Return, Date 3rd Quarter 2014 ifvip_Lowestquarterlyreturndate3rdquarter2014 Sep. 30, 2014
Lowest Quarterly Return, Date 2nd Quarter 2014 ifvip_Lowestquarterlyreturndate2ndquarter2014 Jun. 30, 2014
Lowest Quarterly Return, Date 1st Quarter 2014 ifvip_Lowestquarterlyreturndate1stquarter2014 Mar. 31, 2014
Lowest Quarterly Return, Date 4th Quarter 2013 ifvip_Lowestquarterlyreturndate4thquarter2013 Dec. 31, 2013
Lowest Quarterly Return, Date 3rd Quarter 2013 ifvip_Lowestquarterlyreturndate3rdquarter2013 Sep. 30, 2013
Lowest Quarterly Return, Date 2nd Quarter 2013 ifvip_Lowestquarterlyreturndate2ndquarter2013 Jun. 30, 2013
Lowest Quarterly Return, Date 1st Quarter 2013 ifvip_Lowestquarterlyreturndate1stquarter2013 Mar. 31, 2013
Lowest Quarterly Return, Date 4th Quarter 2012 ifvip_Lowestquarterlyreturndate4thquarter2012 Dec. 31, 2012
Lowest Quarterly Return, Date 3rd Quarter 2012 ifvip_Lowestquarterlyreturndate3rdquarter2012 Sep. 30, 2012
Lowest Quarterly Return, Date 2nd Quarter 2012 ifvip_Lowestquarterlyreturndate2ndquarter2012 Jun. 30, 2012
Lowest Quarterly Return, Date 1st Quarter 2012 ifvip_Lowestquarterlyreturndate1stquarter2012 Mar. 31, 2012
Lowest Quarterly Return, Date 4th Quarter 2011 ifvip_Lowestquarterlyreturndate4thquarter2011 Dec. 31, 2011
Lowest Quarterly Return, Date 3rd Quarter 2011 ifvip_Lowestquarterlyreturndate3rdquarter2011 Sep. 30, 2011
Lowest Quarterly Return, Date 2nd Quarter 2011 ifvip_Lowestquarterlyreturndate2ndquarter2011 Jun. 30, 2011
Lowest Quarterly Return, Date 1st Quarter 2011 ifvip_Lowestquarterlyreturndate1stquarter2011 Mar. 31, 2011
Lowest Quarterly Return, Fourth Quarter 2015 ifvip_Lowestquarterlyreturnfourthquarter2015 0.00%
Lowest Quarterly Return, Third Quarter 2015 ifvip_Lowestquarterlyreturnthirdquarter2015 0.00%
Lowest Quarterly Return, Second Quarter 2015 ifvip_Lowestquarterlyreturnsecondquarter2015 0.00%
Lowest Quarterly Return, First Quarter 2015 ifvip_Lowestquarterlyreturnfirstquarter2015 0.00%
Lowest Quarterly Return, Fourth Quarter 2014 ifvip_Lowestquarterlyreturnfourthquarter2014 0.00%
Lowest Quarterly Return, Third Quarter 2014 ifvip_Lowestquarterlyreturnthirdquarter2014 0.00%
Lowest Quarterly Return, Second Quarter 2014 ifvip_Lowestquarterlyreturnsecondquarter2014 0.00%
Lowest Quarterly Return, First Quarter 2014 ifvip_Lowestquarterlyreturnfirstquarter2014 0.00%
Lowest Quarterly Return, Fourth Quarter 2013 ifvip_Lowestquarterlyreturnfourthquarter2013 0.00%
Lowest Quarterly Return, Third Quarter 2013 ifvip_Lowestquarterlyreturnthirdquarter2013 0.00%
Lowest Quarterly Return, Second Quarter 2013 ifvip_Lowestquarterlyreturnsecondquarter2013 0.00%
Lowest Quarterly Return, First Quarter 2013 ifvip_Lowestquarterlyreturnfirstquarter2013 0.00%
Lowest Quarterly Return, Fourth Quarter 2012 ifvip_Lowestquarterlyreturnfourthquarter2012 0.00%
Lowest Quarterly Return, Third Quarter 2012 ifvip_Lowestquarterlyreturnthirdquarter2012 0.00%
Lowest Quarterly Return, Second Quarter 2012 ifvip_Lowestquarterlyreturnsecondquarter2012 0.00%
Lowest Quarterly Return, First Quarter 2012 ifvip_Lowestquarterlyreturnfirstquarter2012 0.00%
Lowest Quarterly Return, Fourth Quarter 2011 ifvip_Lowestquarterlyreturnfourthquarter2011 0.00%
Lowest Quarterly Return, Third Quarter 2011 ifvip_Lowestquarterlyreturnthirdquarter2011 0.00%
Lowest Quarterly Return, Second Quarter 2011 ifvip_Lowestquarterlyreturnsecondquarter2011 0.00%
Lowest Quarterly Return, First Quarter 2011 ifvip_Lowestquarterlyreturnfirstquarter2011 0.00%
1 Year rr_AverageAnnualReturnYear01 0.37%
5 Years rr_AverageAnnualReturnYear05 0.89%
10 Years rr_AverageAnnualReturnYear10 0.45%
Ivy VIP Government Money Market | Morningstar Prime Money Market Category Average (net of fees and expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.37%
5 Years rr_AverageAnnualReturnYear05 0.91%
10 Years rr_AverageAnnualReturnYear10 0.47%
[1] Acquired Fund Fees and Expenses sets forth the Portfolio’s pro rata portion of the cumulative expenses charged by the registered investment company (RIC) in which the Portfolio invested during the last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Portfolio’s assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of the RIC for the RIC’s most recent fiscal period. These expenses are not direct costs paid by Portfolio shareholders, and are not used to calculate the Portfolio’s NAV.
[2] The Total Annual Portfolio Operating Expenses ratio shown in this table does not correlate to the expense ratio shown in the Financial Highlights table because (i) that ratio does not include the Acquired Fund Fees and Expenses and (ii) the Portfolio has a voluntary waiver that is not reflected above.