Method and system for a deferred variable annuity with lifetime benefit payments
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 value, for determining a present contract value, for determining a withdrawal percent, and for calculating a lifetime benefit payment responsive to a request;
wherein the available lifetime benefit payment withdrawal, during each of a plurality of periods during the accumulation phase, including periods after a first lifetime benefit payment withdrawal, is greater of ((a value based on the present payment base and the withdrawal percent) or (a value based on the present contract value for the current period and the withdrawal percent)),wherein withdrawals decrease the contract value;
the lifetime benefit payment is available until the death of a covered life, and withdrawals during one of the periods during the accumulation phase and not in excess of the available lifetime benefit payment withdrawal do not decrease the present payment base; and
wherein the present payment base is increased based on an increase in the current period contract value over a prior period contract value in periods after the first lifetime benefit payment withdrawal, and a periodic increase in the present payment base is limited to a maximum percentage.
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. The system has a processor for determining a present payment base value, for determining a present contract value, for determining a withdrawal percent, and for calculating a lifetime benefit payment responsive to a request; wherein the maximum lifetime benefit payment withdrawal is Greater of ((Present Payment Base×Withdrawal Percent) or (Present Contract Value×Withdrawal Percent)).
117 Citations
25 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:
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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 value, for determining a present contract value, for determining a withdrawal percent, and for calculating a lifetime benefit payment responsive to a request;
wherein the available lifetime benefit payment withdrawal, during each of a plurality of periods during the accumulation phase, including periods after a first lifetime benefit payment withdrawal, is greater of ((a value based on the present payment base and the withdrawal percent) or (a value based on the present contract value for the current period and the withdrawal percent)),wherein withdrawals decrease the contract value;
the lifetime benefit payment is available until the death of a covered life, and withdrawals during one of the periods during the accumulation phase and not in excess of the available lifetime benefit payment withdrawal do not decrease the present payment base; andwherein the present payment base is increased based on an increase in the current period contract value over a prior period contract value in periods after the first lifetime benefit payment withdrawal, and a periodic increase in the present payment base is limited to a maximum percentage. - View Dependent Claims (2, 3, 4, 5, 24, 25)
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6. A system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, 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 receiving lifetime benefit payment withdrawal requests from the relevant life; iii. a third module for calculating a lifetime benefit payment;
wherein the available lifetime benefit payment withdrawal, during each of a plurality of periods during the accumulation phase, including periods after a first lifetime benefit payment withdrawal, is greater of ((a value based on the present payment base and the withdrawal percent) or (a value based on the present contract value for the current period and the withdrawal percent));wherein withdrawals decrease the contract value, and withdrawals during one of the periods during the accumulation phase not in excess of the available lifetime benefit payment withdrawal do not decrease the present payment base, and wherein the present payment base is increased based on an increase in the current period contract value over a prior period contract value in periods after the first lifetime benefit payment withdrawal, and a periodic increase in the present payment base is limited to a maximum percentage. - View Dependent Claims (7, 8, 9)
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10. 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 an annuity contract; b. determining by the processor a present contract value for said annuity contract; c. determining by the processor a withdrawal percent; d. if requested, calculating by the processor a lifetime benefit payment withdrawal for the relevant life which decreases the contract value, wherein the available lifetime benefit payment withdrawal, during each of a plurality of periods during the accumulation phase, including periods after a first lifetime benefit payment withdrawal, is greater of ((a value based on the present payment base and the withdrawal percent) or (a value based on the present contract value for the current period and the withdrawal percent)); wherein withdrawals decrease the contract value, and withdrawals during one of the periods during the accumulation phase not in excess of the available lifetime benefit payment withdrawal do not decrease the present payment base; and wherein the present payment base is increased based on an increase in the current period contract value over a prior period contract value in periods after the first lifetime benefit payment withdrawal, and a periodic increase in the present payment base is limited to a maximum percentage. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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Specification