METHOD AND SYSTEM FOR PROCESSING DATA FOR A DEFERRED VARIABLE ANNUITY WITH BENEFIT PAYMENTS AS A FUNCTION OF A PREDETERMINED TIME-BASED WITHDRAWAL PERCENT

• US 20110119206A1
• Filed: 01/24/2011
• Published: 05/19/2011
• Est. Priority Date: 07/24/2007
• Status: Abandoned Application

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Weiss, Joseph M., Michalowski, Philip W.
• Application Number:
  US13/012,580
• Publication Number:
  US 20110119206A1
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A computer system for processing data relating to a deferred variable annuity contract during the accumulation phase has a storage device having data including a contract value, a payment base value, and a formula for determining amounts of available benefit payments during a time period, without reduction of the payment base value, using a withdrawal percent based on a time elapsed from a purchase date of the contract. A processor is configured to access an applicable withdrawal percent and determine an available benefit amount during a time period based on the applicable withdrawal percent and a withdrawal base value.

Claims

1. A computer system for processing data relating to a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and benefit payments available periodically for a relevant life, comprising:

a data storage device storing data relating to the deferred variable annuity contract, including data relating to;

the payment base value, the contract value, and a formula for determining amounts of the available benefit payments without reduction of the payment base value during a time period based on a withdrawal percent responsive to a time elapsed from a purchase date of the contract; and

a processor in communication with the data storage device, the processor being configured to;

access data indicative of a withdrawal percent applicable to a date based on data stored in the data storage device; and

provide an output signal having data indicative of the applicable withdrawal percent;

wherein an amount of an available benefit payment during a time period without reduction of the payment base value is based on the applicable withdrawal percent and a withdrawal base value.

2. The computer system of claim 1, wherein the system further comprises a data storage device for receiving the output signal and storing the applicable withdrawal percent, and the processor is further configured to access the applicable withdrawal percent, employ the applicable withdrawal percent in determining an available withdrawal amount, and provide data indicative of the available withdrawal amount to a display device for display to a user.

3. The computer system of claim 1, wherein the stored data comprises data indicative of the withdrawal percent increasing with increasing time elapsed from the purchase date of the contract until a first withdrawal.

4. The computer system of claim 1, wherein the stored data comprises data indicative of the withdrawal percent remaining the same for at least two consecutive years following the purchase date of the contract.

5. The computer system of claim 1, wherein, in accordance with a guarantee, benefit payments are available for a lifetime of the relevant life.

6. The computer system of claim 1, wherein the stored data includes data indicative of ranges of years after the purchase date of the contract and corresponding values of the applicable withdrawal percent.

7. The computer system of claim 1, further comprising a payment module in communication with the processor and configured to effect payment to the relevant life in accordance with data indicative of a request for a withdrawal.

8. The computer system of claim 1, further comprising a communications port in communication with the processor and configured to receive data indicative of a request for withdrawal from a network and output data indicative of the request for withdrawal to the processor.

9. A computer-implemented method for processing data relating to a deferred variable annuity contract during the accumulation phase, comprising:

accessing by a processor data, stored in a data storage device in communication with the processor, relating to the deferred variable annuity contract, including data indicative of a payment base value, a contract value, and a formula for determining amounts of available periodic benefit payments based on a withdrawal percent value, and data indicative of an applicable withdrawal percent value, the withdrawal percent value being based on a time elapsed from a purchase date of the contract;

accessing by the processor a withdrawal percent value applicable for a selected date; and

providing by the processor an output signal having data indicative of the applicable withdrawal percent value;

wherein an amount of an available benefit payment for a time period without reduction of the payment base is based on a withdrawal base value and the applicable withdrawal percent.

10. The computer-implemented method of claim 9, further comprising receiving the output signal by a data storage device, storing the applicable withdrawal percent value in the data storage device, accessing the stored applicable withdrawal percent value by the processor, determining an available benefit payment amount using the applicable withdrawal percent value, and providing the available benefit payment amount to a display device for display to a user.

11. The computer-implemented method of claim 9, wherein benefit payments are available for a lifetime of the relevant life.

12. The computer-implemented method of claim 9, further comprising paying the relevant life an amount of a withdrawal by a payment module in communication with the processor.

13. The computer-implemented method of claim 9, wherein the stored data comprises data indicative of a first withdrawal percent value applicable to a first withdrawal having a date at any time in a plurality of years after the purchase date of the contract.

14. The computer-implemented method of claim 9, wherein the stored data comprises data indicative of a withdrawal percent value applicable to a first withdrawal having a date within a one year period following an anniversary of the purchase date of the contract.

15. A tangible computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by a processor, cause the processor to:

access data, stored in a data storage device in communication with the processor, relating to a deferred variable annuity contract, including data indicative of a payment base value, a contract value, and a formula for determining amounts of available periodic benefit payments based on a withdrawal percent value, and data indicative of an applicable withdrawal percent value, the withdrawal percent value being based on a time elapsed from a purchase date of the contract;

access a withdrawal percent value applicable for a selected date; and

provide an output signal having data indicative of the applicable withdrawal percent value;

wherein an amount of an available benefit payment for a period without reduction of the payment base is based on a withdrawal base value and the applicable withdrawal percent.

16. The tangible computer-readable medium of claim 15, wherein the instructions, when executed by a processor, further cause the processor to provide the output signal to a data storage device for storage of the applicable withdrawal percent value, access the stored applicable withdrawal percent value, determine an available benefit amount using the applicable withdrawal percent value and provide the available benefit amount to a display device for display to a user.

17. The tangible computer-readable medium of claim 15, wherein the withdrawal percent value is based on the time elapsed from the purchase date of the contract until a first withdrawal.

18. The tangible computer-readable medium of claim 15, wherein the instructions, when executed by a processor, further cause the processor to determine an updated contract value by subtracting an amount of a withdrawal from a current contract value.

19. The tangible computer-readable medium of claim 15, wherein the stored data includes data indicative of an applicable withdrawal percent having a fixed value for a first withdrawal within five years of the purchase date of the contract.

20. The tangible computer-readable medium of claim 15, wherein the available benefit payment is not less than the product of the applicable withdrawal percent and a current payment base value for a lifetime of a relevant life.