Method and system for providing minimum contract values in an annuity with lifetime benefit payments
First Claim
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1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, said system comprising:
- a communications module for receiving information for said deferred variable annuity contract;
a data storage module coupled to said communications module for storing said received information;
a processing module coupled to said date storage module for determining a minimum contract value, for determining a guaranteed death benefit amount and for determining a payment base, and wherein said guaranteed death benefit amount is not less than said minimum contract value; and
a payment module coupled to said processing module for receiving periodic premium payments during said accumulation phase;
said payment module being coupled to said provider for paying lifetime benefit payments during said accumulation phase, the lifetime benefit payments being available up to a maximum amount on a periodic basis during the accumulation phase for a lifetime of a relevant life;
wherein said payment module provides excess withdrawal payments during said accumulation phase, and wherein said excess withdrawal payments are in excess of said lifetime benefit payments and may decrease said contract value below said minimum contract value; and
wherein said lifetime benefit payments do not decrease said contract value below said minimum contract value, provided that no excess withdrawal payment has been made.
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Abstract
A data processing method administers a deferred annuity contract during the accumulation phase for a relevant life. The annuity contract has a contract value, a guarantee of lifetime benefit payments and a minimum contract value. Administration of the contract determines a minimum contract value, while paying a lifetime benefit payment less than the minimum contract value and a guaranteed death benefit not less than the minimum contract value. The lifetime benefit payment does not reduce the contract value below the minimum contract value.
94 Citations
22 Claims
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1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, said system comprising:
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a communications module for receiving information for said deferred variable annuity contract; a data storage module coupled to said communications module for storing said received information; a processing module coupled to said date storage module for determining a minimum contract value, for determining a guaranteed death benefit amount and for determining a payment base, and wherein said guaranteed death benefit amount is not less than said minimum contract value; and a payment module coupled to said processing module for receiving periodic premium payments during said accumulation phase; said payment module being coupled to said provider for paying lifetime benefit payments during said accumulation phase, the lifetime benefit payments being available up to a maximum amount on a periodic basis during the accumulation phase for a lifetime of a relevant life; wherein said payment module provides excess withdrawal payments during said accumulation phase, and wherein said excess withdrawal payments are in excess of said lifetime benefit payments and may decrease said contract value below said minimum contract value; and wherein said lifetime benefit payments do not decrease said contract value below said minimum contract value, provided that no excess withdrawal payment has been made. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A data processing method for administering a deferred variable annuity contract during an accumulation phase, the method comprising the steps of:
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receiving, via a communications module, information for the deferred variable annuity contract; storing, via a data storage module, the received information; determining, via a processing module coupled to the data storage module, a minimum contract value; determining, via the processing module coupled to the data storage module, a guaranteed death benefit amount not less than the minimum contract value; determining, via the processing module coupled to the data storage module, a payment base; receiving, via a payment module coupled to the processing module, periodic premium payments during the accumulation phase; paying, via the payment module coupled to the processing module, lifetime benefit payments to a relevant life during the accumulation phase, the lifetime benefit payments being available up to a maximum amount on a periodic basis during the accumulation phase for a lifetime of the relevant life; paying, via the payment module coupled to the processing module, excess withdrawal payments to the relevant life during the accumulation phase, wherein said excess withdrawal payments are greater than the lifetime benefit payments and may decrease said contract value below said minimum contract value, and wherein said lifetime benefit payments do not decrease said contract value below said minimum contract value, provided that no excess withdrawal payment has been made. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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Specification