Method and system for a deferred variable annuity with lifetime benefit payments
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United States of America Patent
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Jun 26, 2012
Issued Date -
N/A
app pub date -
Nov 9, 2007
filing date -
Jul 24, 2007
priority date (Note) -
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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 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)).
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