Method and system for an enhanced step-up provision in a deferred variable annuity with a rising guaranteed step-up
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United States of America Patent
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Jan 24, 2012
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N/A
app pub date -
Oct 6, 2010
filing date -
Jul 24, 2007
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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, a contract value, and a step-up provision. 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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