Method and system for a deferred variable annuity with flexible benefit payments
First Claim
1. A computer system for processing data associated with a deferred variable annuity contract during the accumulation phase, comprising:
- a data storage device storing data associated with the deferred variable annuity contract, including data indicative of a contract value, a payment base value, a duration greater than a year of a payout period, a withdrawal percent value for the payout period, and a formula for determining a value of benefit payments available during the payout period in accordance with a guarantee; and
a processor in communication with the storage device, the processor configured to;
responsive to receipt of data indicative of a request during the payout period by a relevant life for a withdrawal, determine a value of withdrawals during the payout period;
compare the value of withdrawals during the payout period to the value of benefit payments available during the payout period; and
responsive to a determination that the value of withdrawals during the payout period is not more than the value of benefit payments available during the payout period, provide an output signal having data indicative of a reduction in the contract value and no reduction in the payment base value as a result of the requested withdrawal.
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Accused Products
Abstract
A computer implemented data processing system and method processes data associated with 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 available benefit payments. The system stores data indicative of a payout period having a duration greater than a year and a maximum total withdrawal percent for the payout period. The product of the maximum total withdrawal percent and the payment base value is a maximum benefit payment amount that may be withdrawn during the payout period without reducing the payment base value.
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Citations
20 Claims
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1. A computer system for processing data associated with a deferred variable annuity contract during the accumulation phase, comprising:
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a data storage device storing data associated with the deferred variable annuity contract, including data indicative of a contract value, a payment base value, a duration greater than a year of a payout period, a withdrawal percent value for the payout period, and a formula for determining a value of benefit payments available during the payout period in accordance with a guarantee; and a processor in communication with the storage device, the processor configured to; responsive to receipt of data indicative of a request during the payout period by a relevant life for a withdrawal, determine a value of withdrawals during the payout period; compare the value of withdrawals during the payout period to the value of benefit payments available during the payout period; and responsive to a determination that the value of withdrawals during the payout period is not more than the value of benefit payments available during the payout period, provide an output signal having data indicative of a reduction in the contract value and no reduction in the payment base value as a result of the requested withdrawal. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer-implemented data processing method for processing data associated with a deferred variable annuity contract during the accumulation phase, comprising:
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storing in a data storage device data associated with the deferred variable annuity contract, including data indicative of a contract value, a payment base value, a payout period duration greater than one year and a withdrawal percent value for the payout period; responsive to receipt by a processor in communication with the data storage device of data indicative of a request during the payout period by a relevant life for a withdrawal, determining by the processor a value of withdrawals during the payout period; comparing by the processor the value of withdrawals during the payout period to the value of benefit payments available during the payout period; and responsive to determining by the processor that the value of withdrawals during the payout period is not more than the value of benefit payments available during the payout period, providing by the processor an output signal having data indicative of a reduction in the contract value and no reduction in the payment base value as a result of the requested withdrawal. - View Dependent Claims (10, 11, 12, 13, 14, 15)
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16. A tangible computer-readable medium having processor-executable instructions stored thereon, which instructions, when executed by a processor, cause the processor to:
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responsive to receipt of data indicative of a request by a relevant life for a withdrawal, during a current year of a multi-year payout period of the accumulation phase of a deferred variable annuity having a contract value, determine a value of withdrawals during the payout period and during the current year; access data indicative of a maximum available withdrawal percent for the payout period, a withdrawal percent for the current year, and a payment base value of the annuity; determine a maximum available benefit payment value for the payout period, and an available benefit payment value for the current year; compare the value of withdrawals during the payout period to the maximum available benefit payment value for the payout period; compare the value of withdrawals during the current year to the available benefit payment value for the current year, and responsive to determining that the value of withdrawals during the payout period is not more than the maximum available benefit payment value for the payout period, and that the value of withdrawals during the current year is not more than the available benefit payment value for the current year, provide an output signal having data indicative of a reduction in the contract value and no reduction in the payment base value. - View Dependent Claims (17, 18, 19, 20)
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Specification