You can get a higher initial allocation if you go through a discount broker; there are charges if you take money out in the first five years; you can’t add to your policy so if you want to add additional funds you must take out a new policy. (If you are thinking of plonking your total 400g with Hibernian, get a quote from them first on charges and then go to a discount broker to see if they can beat it.)
As you have loads of dosh to invest you might consider diversifying in other countries. Hibernian have other property funds, as have others. (Note that Hibernian’s UK property fund is decreasing in value (as are UK property company stocks at present and as is the euro vs sterling, so you might want to wait a bit on the UK front). Irish Life has a fund that is spread over IE, UK and EU-mainland properties, but you’ld need to check out the charges. Irish Life also have a fund that invests in an office block in La Defence in Paris, and Friends First have a couple of short term funds on EU-mainland residential property (min investment 75 grand), and the Corinthian fund that is developing the Superquinn supermarket sites. A couple of companies (e.g. Eagle Star, Canada Life) are also flogging property funds but these are really a re-sell on of a property ETF, and not investments in bricks and mortar.