Method And System For A Deferred Variable Annuity With Benefit Payments As A Function Of An Age-Based Withdrawal Percent
First Claim
1. A computer system for processing data relating to a deferred variable annuity contract during the accumulation phase, comprising:
- a data storage device storing data relating to the deferred variable annuity contract, including a payment base value, a contract value, a withdrawal percent, a birth date of a relevant life, and a formula for determining, based on the withdrawal percent and the payment base value, an available periodic benefit payment amount available for withdrawal during a plurality of periods without decrease in the payment base value; and
a processor in communication with the data storage device, the processor configured to;
access data indicative of a withdrawal percent applicable to a date, the withdrawal percent being dependent on the date relative to a selected birthday of the relevant life; and
provide an output signal indicative of the applicable withdrawal percent.
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Accused Products
Abstract
A computer system for processing data relating to a deferred variable annuity contract during the accumulation phase includes a data storage device storing data relating to the deferred variable annuity contract, including a payment base value, a contract value, a withdrawal percent, a birth date of a relevant life, and a formula for determining, based on the withdrawal percent and a withdrawal base value, an available periodic benefit payment amount that does not decrease the payment base; and a processor. The processor is configured to determine a withdrawal percent applicable to a date, based on whether the date is prior to a date of a selected birthday of the relevant life.
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Citations
20 Claims
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1. A computer system for processing data relating to a deferred variable annuity contract during the accumulation phase, comprising:
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a data storage device storing data relating to the deferred variable annuity contract, including a payment base value, a contract value, a withdrawal percent, a birth date of a relevant life, and a formula for determining, based on the withdrawal percent and the payment base value, an available periodic benefit payment amount available for withdrawal during a plurality of periods without decrease in the payment base value; and a processor in communication with the data storage device, the processor configured to; access data indicative of a withdrawal percent applicable to a date, the withdrawal percent being dependent on the date relative to a selected birthday of the relevant life; and provide an output signal indicative of the applicable withdrawal percent. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer-implemented method for processing data relating to a deferred variable annuity contract, comprising:
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accessing by a processor, from a data storage device in communication with the processor, data relating to the deferred variable annuity contract, including a payment base value, withdrawal percent data, and data related to a birthday of a relevant life; determining by the processor, based on whether a selected date is prior to a date of a selected birthday of a relevant life, a withdrawal percent applicable to the date, and providing by the processor an output signal indicative of the applicable withdrawal percent; wherein a product of the withdrawal percent and a withdrawal base value determines an available periodic benefit payment amount available for withdrawal without reduction of the payment base value. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A tangible computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by a processor, cause the processor to:
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access, from a data storage device in communication with the processor, data relating to a deferred variable annuity contract, including a payment base value, withdrawal percent data, and data related to a birthday of a relevant life; determine, based on whether a date is prior to a date of a selected birthday of the relevant life, a withdrawal percent applicable to the date, and provide an output signal having data indicative of the withdrawal percent; wherein amounts of benefit payments available on a periodic basis without reduction of the payment base value are determined based on the applicable withdrawal percent and a withdrawal base value. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification