Method and system for a deferred variable annuity with flexible lifetime benefit payments
First Claim
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value and yearly lifetime benefit payments, said system comprising:
- a storage device;
a processor coupled to the storage device, the storage device storing modules utilized by the processor for predetermining a series of payout periods, wherein the number of years of each payout period is greater than one year, for predetermining a maximum total withdrawal percent for each payout period, and for calculating the amount of the lifetime benefit payment withdrawal for each given year within a given payout period by receiving an instruction from the relevant life that provides a withdrawal percent to use for each given year; and
wherein the sum of the withdrawal percents from each given year within the payout period is equal to or less than the predetermined maximum total withdrawal percent that is allowed for the given payout period.
1 Assignment
0 Petitions
Accused Products
Abstract
A computer implemented data processing system and method administers a deferred variable annuity contract during the accumulation phase for a relevant life. The annuity contract has a payment base value, a contract value, and a step-up provision. Administration of the product determines whether a step-up of the payment base value is applicable. If applicable, the product determines a step-up, wherein the step-up is guaranteed at a predetermined percentage. The investments of the deferred variable annuity contract are not limited to a specific asset allocation in order to qualify for the step-up provision.
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Citations
25 Claims
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1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value and yearly lifetime benefit payments, said system comprising:
a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor for predetermining a series of payout periods, wherein the number of years of each payout period is greater than one year, for predetermining a maximum total withdrawal percent for each payout period, and for calculating the amount of the lifetime benefit payment withdrawal for each given year within a given payout period by receiving an instruction from the relevant life that provides a withdrawal percent to use for each given year; and wherein the sum of the withdrawal percents from each given year within the payout period is equal to or less than the predetermined maximum total withdrawal percent that is allowed for the given payout period.
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2. A system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and a lifetime benefit payments, comprising:
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a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor, the modules comprising; i. a first module for receiving information from a relevant life in order to establish a deferred variable annuity contract; ii. a third module for receiving lifetime benefit payment withdrawal requests from the relevant life; iii. a third module for predetermining a series of payout periods, wherein the number of years of each payout period is greater than one year; iv. a fourth module for predetermining a maximum total withdrawal percent for each payout period; and v. a fifth module for calculating the amount of the lifetime benefit payment withdrawal for each given year within a given payout period. - View Dependent Claims (3, 4)
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5. A computer implemented data processing method for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and a yearly lifetime benefit payments, said method comprising the steps of:
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a. determining the number of years of a first payout period for the lifetime benefit payments, wherein the number of years of the first payout period is greater than one year; b. determining a maximum total withdrawal percent for the first payout period; d. if requested by the relevant life, periodically calculating a yearly lifetime benefit payment withdrawal for the relevant life which decreases the contract value; wherein the amounts of the lifetime benefit payment withdrawals for each given year within the first payout period are calculated by receiving an instruction from the relevant life that provides a withdrawal percent to use for each given year; wherein the withdrawal percents provided by the relevant life'"'"'s instruction may differ for each given year within the first payout period; wherein the sum of the withdrawal percents from each given year within the first payout period, as provided by the relevant life'"'"'s instruction, is equal to or less than the predetermined maximum total withdrawal percent that is allowed for the first payout period; and wherein the above steps are repeated at the conclusion of each payout period. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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Specification