METHOD AND SYSTEM FOR PROVIDING MINIMUM CONTRACT VALUES IN AN ANNUITY WITH LIFETIME BENEFIT PAYMENTS
First Claim
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, said system comprising:
- a communications module for receiving information for said deferred variable annuity contract;
a data storage module coupled to said communications module for storing said received information;
a processing module coupled to said date storage module for determining a minimum contract value, for determining a guaranteed death benefit amount and for determining a payment base, said minimum contract value changes over time, and wherein said guaranteed death benefit amount changes over time; and
a payment module coupled to said processing module for receiving periodic premium payments during said accumulation phase;
said payment module being coupled to said provider for paying lifetime benefit payments during said accumulation phase;
wherein said payment module provides excess withdrawal payments during said accumulation phase, and wherein said excess withdrawal payments are in excess of said lifetime benefit payments.
3 Assignments
0 Petitions
Accused Products
Abstract
A data processing method administers a deferred annuity contract during the accumulation phase for a relevant life. The annuity contract has a contract value, a guarantee of lifetime benefit payments and a minimum contract value. Administration of the contract determines a minimum contract value, while paying a lifetime benefit payment and a guaranteed death benefit. The lifetime benefit payment does not reduce the contract value below the minimum contract value. If necessary, the lifetime benefit payment is funded by the general account assets of the company that issues the annuity contract.
-
Citations
25 Claims
-
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, said system comprising:
-
a communications module for receiving information for said deferred variable annuity contract; a data storage module coupled to said communications module for storing said received information; a processing module coupled to said date storage module for determining a minimum contract value, for determining a guaranteed death benefit amount and for determining a payment base, said minimum contract value changes over time, and wherein said guaranteed death benefit amount changes over time; and a payment module coupled to said processing module for receiving periodic premium payments during said accumulation phase; said payment module being coupled to said provider for paying lifetime benefit payments during said accumulation phase;
wherein said payment module provides excess withdrawal payments during said accumulation phase, and wherein said excess withdrawal payments are in excess of said lifetime benefit payments. - View Dependent Claims (9, 12)
-
-
2. The data processing system of claim 2 wherein said payment module provides a death benefit amount upon a death of said relevant life.
- 3. The data processing system of claim 3, wherein said periodic premium payments increases said payment base, said guaranteed death benefit amount and a contract value.
-
13. A data processing method for administering a deferred variable annuity contract during an accumulation phase, the method comprising the steps of:
-
receiving, via a communications module, information for the deferred variable annuity contract; storing, via a data storage module, the received information; determining, via a processing module coupled to the data storage module, a minimum contract value; determining, via the processing module coupled to the data storage module, a guaranteed death benefit amount; determining, via the processing module coupled to the data storage module, a payment base; receiving, via a payment module coupled to the processing module, periodic premium payments during the accumulation phase; paying, via the payment module coupled to the processing module, lifetime benefit payments to a relevant life during the accumulation phase; paying, via the payment module coupled to the processing module, excess withdrawal payments to the relevant life during the accumulation phase. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
-
Specification