Method and system for a step-up provision in a deferred variable annuity with a rising guranteed step-up
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 if a step-up in the present payment base value is applicable; and
if the step-up is applicable, for determining a step-up, wherein the step-up is guaranteed at a predetermined percentage, and if said step-up is greater than zero, increasing the present payment base value by the step-up.
1 Assignment
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Accused Products
Abstract
A computer implemented data processing system and method for administering 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 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 if a step-up in the present payment base value is applicable; and if the step-up is applicable, for determining a step-up, wherein the step-up is guaranteed at a predetermined percentage, and if said step-up is greater than zero, increasing the present payment base value by the step-up. - View Dependent Claims (2, 3, 4, 5, 6)
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7. 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:
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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 second module for receiving lifetime benefit payment withdrawal requests from the relevant life; iii. a third module for determining if a step-up in the present payment base value is applicable, and if the step-up is applicable; 1. for determining a step-up, wherein the step-up is guaranteed to a predetermined amount; and 2. if said step-up is greater than zero, an instruction for increasing the present payment base value according to the following formula;
(present payment base value)×
(1+step-up). - View Dependent Claims (8, 9, 10)
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11. 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:
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a. determining a present payment base value for an annuity contract; b. determining a present contract value for said annuity contract; c. determining if a step-up is applicable; d. if the step-up is applicable, i. determining a step-up amount, wherein the step-up amount is guaranteed at a minimum predetermined percentage; ii. if said step-up amount is greater than zero, increasing the present payment base value by said amount. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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Specification