Method and system for a deferred variable annuity with flexible benefit payments
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United States of America Patent
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Nov 22, 2011
Grant Date -
Jun 2, 2011
app pub date -
Feb 7, 2011
filing date -
Jul 24, 2007
priority date (Note) -
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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of the maximum total withdrawal percent and the payment base value is a maximum benefit payment amount that may be withdrawn during the payout period without reducing the payment base value.
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