Managing director for North Europe and Africa, Oranit Beit Halachmi announced the changes at a press conference in London.
New ticket prices go on sale from April 30 and come into effect shortly after Succot on October 15.
“Lite”, “Classic” and “Flex” fares will be available to customers.
“Lite” offers a basic flight ticket with no seat choice and hand luggage (up to 8kg) only.
A “Classic” ticket is a choice of seat and one item of baggage (up to 23kg) whilst a “Flex” option includes changing or cancelling tickets.
All passengers receive a meal on flights.
Ms Beit Halachmi outlined the airline’s fleet overhaul, which included the first of 16 new Boeing 787 Dreamliners last year with seven expected to be in service by the end this year.
El Al’s fleet totals 40 aircraft including 777s and 747s that will cease service as Dreamliners come on line.
Currently, El Al has one Dreamliner operating between London and Tel Aviv.
El Al also announced changes to its pilot programme.
In addition to former Israeli airforce pilots, El Al has started a joint venture flight school in the US that includes candidates with no prior experience.
All El Al pilots must hold Israeli citizenship.
Other changes include USB ports on all airline seats and Wi-fi service on flights.