Method and system for a deferred variable annuity with lifetime benefit payments governed by an age-based withdrawal percent
First Claim
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, and a contract value, said system comprising:
- a storage device;
a processor coupled to the storage device, the storage device storing modules utilized by the processor for determining a present payment base, for determining a present contract value, for determining a withdrawal percent, and for calculating a maximum value of a benefit payment available for withdrawal on a periodic basis without reduction of the payment base value;
wherein the maximum available benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and commencing after a first of the benefit payments;
wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent; and
wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.
3 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, and a contract value. Administration of the product determines whether a step-up of the payment base value is applicable. If applicable, the product determines a step-up, wherein the step-up is guaranteed at a predetermined percentage. The investments of the deferred variable annuity contract are not limited to a specific asset allocation in order to qualify for the step-up provision.
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Citations
26 Claims
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1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, and a contract value, said system comprising:
a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor for determining a present payment base, for determining a present contract value, for determining a withdrawal percent, and for calculating a maximum value of a benefit payment available for withdrawal on a periodic basis without reduction of the payment base value; wherein the maximum available benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and commencing after a first of the benefit payments; wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent; and wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period. - View Dependent Claims (2, 3, 4, 25)
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5. A system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value and a contract value comprising:
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a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor, the modules comprising; i. a first module for receiving information from a relevant life in order to establish a deferred variable annuity contract; ii. a second module for determining a withdrawal percent; iii. a third module for receiving benefit payment withdrawal requests from the relevant life; iv. a fourth module for calculating a maximum benefit payment withdrawal available periodically without reducing the payment base; wherein the maximum benefit payment withdrawal is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and commencing, after a first of the benefit payments; wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent; and wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.
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6. A computer system for administering a deferred variable annuity contract during the accumulation phase, comprising:
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a. means comprising a processor and a memory device coupled to the processor for determining and storing a present payment base; b. means comprising a processor and a memory device coupled to the processor for determining and storing a present contract value; c. means comprising a processor for determining a withdrawal percent; d. means comprising a processor for calculating a maximum benefit payment available periodically without reducing the payment base; wherein the maximum available benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and after a first of the benefit payments; wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent; and wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.
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7. In a system for administering a deferred variable annuity contract during the accumulation phase, the improvement comprising:
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administration means comprising a processor coupled to a memory device operative to calculate a benefit payment available, wherein the benefit payment is related to a withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and after a first of the benefit payments; wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent; and wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.
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8. A computer implemented data processing method for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, and a contract value, said method comprising the steps of:
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a. determining by a processor a present payment base value for the annuity contract, and storing the determined present payment base value in a storage device; b. determining by the processor a present contract value for said annuity contract; c. determining by the processor a withdrawal percent; d. if requested by the relevant life, calculating by the processor a maximum benefit payment withdrawal available periodically for the relevant life which decreases the contract value but does not decrease the payment base value; wherein the maximum available benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract commencing after a first of the benefit payment withdrawals; wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent; and wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 26)
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Specification