METHOD AND SYSTEM FOR PROCESSING DATA RELATED TO A DEFERRED ANNUITY WITH AVAILABLE BENEFIT PAYMENTS AND A DEFERRAL BONUS
First Claim
1. A computer system for processing data associated with a deferred annuity contract during the accumulation phase, comprising:
- a data storage device storing data associated with the deferred annuity contract, including data indicative of a contract value, a withdrawal base value, a withdrawal percent value, and a formula for determining a value of benefit payments available during a current period in accordance with a guarantee and without reduction of the withdrawal base value; and
a processor in communication with the storage device, the processor configured to;
receive data indicative of an amount of a withdrawal requested by a relevant life;
responsive to receipt of the data indicative of an amount of a withdrawal requested by a relevant life, determine a maximum amount available for withdrawal without reduction of the withdrawal base value, the maximum amount available being based on;
the withdrawal base value, the withdrawal percent value, and a factor based on a time period from a date of first eligibility for withdrawals under the deferred annuity contract to a date of first withdrawal;
determine whether the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is greater than the maximum amount available for withdrawal; and
responsive to determining that the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is not greater than the maximum amount available for withdrawal, provide an output signal having data indicative that the withdrawal base value will not be reduced as a result of the withdrawal.
0 Assignments
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 benefit payments. A maximum annual benefit payment withdrawal amount available without reducing the payment base value is calculated by multiplying the payment base value by a factor including a deferral bonus percent, which is a function of a number of years deferred by the relevant life until taking a first lifetime benefit payment.
-
Citations
20 Claims
-
1. A computer system for processing data associated with a deferred annuity contract during the accumulation phase, comprising:
-
a data storage device storing data associated with the deferred annuity contract, including data indicative of a contract value, a withdrawal base value, a withdrawal percent value, and a formula for determining a value of benefit payments available during a current period in accordance with a guarantee and without reduction of the withdrawal base value; and a processor in communication with the storage device, the processor configured to; receive data indicative of an amount of a withdrawal requested by a relevant life; responsive to receipt of the data indicative of an amount of a withdrawal requested by a relevant life, determine a maximum amount available for withdrawal without reduction of the withdrawal base value, the maximum amount available being based on;
the withdrawal base value, the withdrawal percent value, and a factor based on a time period from a date of first eligibility for withdrawals under the deferred annuity contract to a date of first withdrawal;determine whether the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is greater than the maximum amount available for withdrawal; and responsive to determining that the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is not greater than the maximum amount available for withdrawal, provide an output signal having data indicative that the withdrawal base value will not be reduced as a result of the withdrawal. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A computer-implemented method for processing data associated with a deferred annuity contract during the accumulation phase, comprising:
-
receiving by a processor data indicative of an amount of a withdrawal, from the deferred annuity contract, requested by a relevant life; accessing by the processor, from a data storage device in communication with the processor, data associated with the deferred annuity contract, including data indicative of a withdrawal base value, a withdrawal percent value, and a formula for determining a value of benefit payments available during a current period in accordance with a guarantee and without reduction of the withdrawal base value; and responsive to the receipt of the data indicative of an amount of a withdrawal requested by a relevant life, determining by the processor a maximum amount available for withdrawal without reduction of the withdrawal base value, the maximum amount available being based on;
the withdrawal base value, the withdrawal percent value, and a factor based on a time period from a date of first eligibility for withdrawals under the deferred annuity contract to a date of first withdrawal;determining by the processor whether the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is greater than the maximum amount available for withdrawal; and responsive to determining that the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is not greater than the maximum amount available for withdrawal, providing by the processor an output signal having data indicative that the withdrawal base value will not be reduced as a result of the withdrawal. - View Dependent Claims (9, 10, 11, 12, 13, 14)
-
-
15. A non-transitory computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by a processor, cause the processor to:
-
receive data indicative of an amount of a withdrawal, from the deferred annuity contract, requested by a relevant life; access, from a data storage device in communication with the processor, data associated with the deferred annuity contract, including data indicative of a contract value, a withdrawal base value, a withdrawal percent value, and a formula for determining a value of benefit payments available during a current period in accordance with a guarantee and without reduction of the withdrawal base value; and responsive to the receipt of the data indicative of an amount of a withdrawal requested by a relevant life, determine a maximum amount available for withdrawal without reduction of the withdrawal base value, the maximum amount available being based on;
the withdrawal base value, the withdrawal percent value, and a factor based on a time period from a date of first eligibility for withdrawals under the deferred annuity contract to a date of first withdrawal;determine whether the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is greater than the maximum amount available for withdrawal; and responsive to determining that the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is not greater than the maximum amount available for withdrawal, provide an output signal having data indicative that the withdrawal base value will not be reduced as a result of the withdrawal. - View Dependent Claims (16, 17, 18, 19, 20)
-
Specification