Patent ID: 7685065
Filing Date: 2010-03-23
Classification: G06Q

Abstract:
1. A data processing method for administering a deferred annuity product during the accumulation phase with a computer, comprising: receiving information regarding providing the deferred annuity product for a relevant life with a communications module, wherein the deferred annuity product has a contract value, a plurality of lifetime benefit payments, and a minimum contract value, wherein the information regarding the deferred annuity product is received from a contract owner; determining a payment base for the deferred annuity product with a processor, wherein the payment base is a function of the premium payments made by or on behalf of the relevant life and a function of the plurality of lifetime benefit payments received by the relevant life; determining a minimum contract value for the deferred annuity product with the processor, wherein the minimum contract value exceeds at least one lifetime benefit payment of the plurality of lifetime benefit payments for the lifetime of the relevant life; receiving one or more premium payment or payments from or on behalf of the relevant life with the communications module, wherein the premium payments are received during the accumulation phase, and further wherein the premium payments increase the payment base, increase a guaranteed death benefit amount, and increase the contract value; transmitting via the communications module, the lifetime benefit payments to the relevant life, wherein the lifetime benefit payments are a function of a predetermined withdrawal percentage, wherein the lifetime benefit payments are guaranteed for the lifetime of the relevant life, wherein the lifetime benefit payments reduce the contract value, and further wherein excess withdrawal payments made in excess of the lifetime benefit payment or payments decrease the contract value, wherein said contract value does not fall below the minimum contract value and a death benefit amount does not fall below the contract value if the deferred annuity product makes periodic lifetime benefit payments that do not contain the excess withdrawal payment or payments during the lifetime of the relevant life.