Method and system for a deferred variable annuity with lifetime benefit payments governed by an age-based withdrawal percent
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 a step-up provision, said system comprising:
- a storage device;
a processor coupled to the storage device, the storage device storing modules utilized by the processor for determining a present payment base, for determining a present contract value, for determining a withdrawal percent, and for calculating a lifetime benefit payment; and
wherein the lifetime benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract.
3 Assignments
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.
-
Citations
25 Claims
-
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 a step-up provision, said system comprising:
a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor for determining a present payment base, for determining a present contract value, for determining a withdrawal percent, and for calculating a lifetime benefit payment; and wherein the lifetime benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract. - View Dependent Claims (2, 3, 4)
-
5. 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 step-up provision, comprising:
-
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 second module for determining a withdrawal percent; iii. a third module for receiving lifetime benefit payment withdrawal requests from the relevant life; iv. a fourth module for calculating a lifetime benefit payment;
wherein the lifetime benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract.
-
-
6. A deferred variable annuity contract comprising:
-
a. means for determining a present payment base; b. means for determining a present contract value; c. means for determining a withdrawal percent; d. means for calculating a lifetime benefit payment; wherein the lifetime benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract.
-
-
7. In a system for administering a deferred variable annuity contract during the accumulation phase, the improvement comprising:
- administration means operative to calculate a lifetime benefit payment, wherein the lifetime benefit payment is related to a withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract.
-
8. 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 step-up provision, said method comprising the steps of:
-
a. determining a present payment base value for an annuity contract; b. determining a present contract value for said annuity contract; c. determining a withdrawal percent; d. if requested by the relevant life, calculating a lifetime benefit payment withdrawal for the relevant life which decreases the contract value; wherein the lifetime benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
-
Specification