Method and system for providing a deferred variable annuity with lifetime benefit payments related to a withdrawal percent and a deferral bonus percent
First Claim
1. A data processing system for administering a deferred variable annuity contract, the annuity contract having a payment base value, a contract value, and 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 calculating a withdrawal base, for determining a withdrawal percent, and for calculating a lifetime benefit payment;
wherein the lifetime benefit payment withdrawal is calculated using the following formula;
((Withdrawal Percent+deferral bonus percent)×
(Withdrawal Base)); and
wherein the deferral bonus percent is a function of the number of years deferred by the relevant life until taking a first lifetime benefit payment.
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.
85 Citations
25 Claims
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1. A data processing system for administering a deferred variable annuity contract, the annuity contract having a payment base value, a contract value, and 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 calculating a withdrawal base, for determining a withdrawal percent, and for calculating a lifetime benefit payment; wherein the lifetime benefit payment withdrawal is calculated using the following formula;
((Withdrawal Percent+deferral bonus percent)×
(Withdrawal Base)); andwherein the deferral bonus percent is a function of the number of years deferred by the relevant life until taking a first lifetime benefit payment.
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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 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 second module for determining a payment base value for the annuity contract; iii. a third module for determining a contract value for the annuity contract; iv. a fourth module for receiving lifetime benefit payment withdrawal requests from the relevant life; and iv. a fifth module for calculating a lifetime benefit payment for the relevant life which decreases both the contract value. - 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 lifetime benefit payments, said method comprising the steps of:
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a. calculating a withdrawal base b. determining a withdrawal percent; c. 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 withdrawal is calculated using the following formula;
((Withdrawal Percent+deferral bonus percent)×
(Withdrawal Base)); andwherein the deferral bonus percent is a function of the number of years deferred by the relevant life until taking a first lifetime benefit payment. - 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