Method and system for providing minimum contract values in an annuity with lifetime benefit payments
First Claim
1. A computer-implemented process for determining a contract value of a deferred annuity during an accumulation phase of the deferred annuity, comprising:
- receiving by a computer a request for a withdrawal from the deferred annuity during the accumulation phase, an amount of the withdrawal being no more than a lifetime benefit payment amount, the lifetime benefit payment amount being a maximum amount available for withdrawal on a periodic basis during the accumulation phase for a lifetime of a relevant life;
determining by the computer whether a current value of the contract value of the deferred annuity is at or below a minimum contract value greater than the lifetime benefit payment amount; and
responsive to determining that the current value of the contract value of the deferred annuity is at or below the minimum contract value, providing by the computer an output signal having data indicative that the current contract value is not to be changed as a result of payment of the withdrawal.
2 Assignments
0 Petitions
Accused Products
Abstract
A data processing method determines a contract value of a deferred annuity product during the accumulation phase. The method includes receiving by a computer a request for a withdrawal during the accumulation phase, the amount of the withdrawal being no more than a lifetime benefit payment amount, determining by the computer whether the contract value, after deduction of withdrawal is below a minimum contract value, and if the contract value would be below the minimum contract value, providing an output signal by the computer that. The contract value is not reduced below the minimum contract value.
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Citations
20 Claims
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1. A computer-implemented process for determining a contract value of a deferred annuity during an accumulation phase of the deferred annuity, comprising:
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receiving by a computer a request for a withdrawal from the deferred annuity during the accumulation phase, an amount of the withdrawal being no more than a lifetime benefit payment amount, the lifetime benefit payment amount being a maximum amount available for withdrawal on a periodic basis during the accumulation phase for a lifetime of a relevant life; determining by the computer whether a current value of the contract value of the deferred annuity is at or below a minimum contract value greater than the lifetime benefit payment amount; and responsive to determining that the current value of the contract value of the deferred annuity is at or below the minimum contract value, providing by the computer an output signal having data indicative that the current contract value is not to be changed as a result of payment of the withdrawal. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A computer system for administration of a deferred annuity during an accumulation phase of the deferred annuity, comprising:
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a processor; a memory device in communication with the processor; wherein the processor is configured to; determine a minimum contract value equal to a first predetermined percentage of a payment base, determine a lifetime benefit payment amount equal to a second predetermined percentage, lower than the first predetermined percentage, of the payment base, the lifetime benefit payment amount being a maximum amount available for withdrawal on a periodic basis during the accumulation phase for a lifetime of a relevant life, and in the event of a request for a withdrawal from the deferred annuity during the accumulation phase, an amount of the withdrawal being no more than a lifetime benefit payment amount, i. determine whether a current value of the contract value of the deferred annuity is at or below the minimum contract value; ii. responsive to determining that the current value of the contract value of the deferred annuity is at or below the minimum contract value, provide an output signal having data indicative that the current contract value is not to be changed as a result of payment of the withdrawal; iii. responsive to determining that the current value of the contract value of the deferred annuity is above the minimum contract value, determine whether reduction of the current contract value by the amount of the withdrawal would cause the contract value to be reduced below the minimum contract value; iv. responsive to determining that reduction of the current contract value by the amount of the withdrawal would cause the contract value to be reduced below the minimum contract value, provide an output signal having data indicative that the contract value is to be changed to the minimum contract value as a result of payment of the withdrawal; and v. responsive to determining that reduction of the current contract value by the amount of the withdrawal would cause the contract value to be at or above the minimum contract value, provide an output signal indicative that the contract value is to be changed to the current contract value less the amount of the withdrawal. - View Dependent Claims (8, 9, 10, 11, 12, 13)
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14. A computer-implemented method for administration of a deferred annuity during an accumulation phase of the deferred annuity, comprising:
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determining by the computer a minimum contract value; determining by the computer a lifetime benefit payment amount less than the minimum contract value; receiving by the computer a request for a withdrawal from the deferred annuity during the accumulation phase; determining by the computer whether an amount of cumulative withdrawals during a current contract period, including the received withdrawal request, is greater than the lifetime benefit payment amount, the lifetime benefit payment amount being a maximum amount available for withdrawal on a periodic basis during the accumulation phase for a lifetime of a relevant life; responsive to determining by the computer that the amount of cumulative withdrawals during the current contract period is not greater than the lifetime benefit payment amount; i. determining by the computer whether a current value of the contract value of the deferred annuity is at or below the minimum contract value; ii. responsive to determining that the current value of the contract value of the deferred annuity is at or below the minimum contract value, providing by the computer an output signal having data indicative that the current contract value is not to be changed as a result of payment of the received withdrawal request; iii. responsive to determining that the current value of the contract value of the deferred annuity is above the minimum contract value, determining by the computer whether reduction of the current contract value by the amount of the received withdrawal request would cause the contract value to be reduced below the minimum contract value; iv. responsive to determining that reduction of the current contract value by the amount of the received withdrawal request would cause the contract value to be reduced below the minimum contract value, providing by the computer an output signal having data indicative that the contract value is to be changed to the minimum contract value as a result of payment of the received withdrawal request; and v. responsive to determining that reduction of the current contract value by the amount of the received withdrawal request would cause the contract value to be at or above the minimum contract value, providing by the computer an output signal indicative that the contract value is to be changed to the current contract value less the amount of the received withdrawal request. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification