Patent ID: 7877307

Claim:
A data processing system for administering a deferred variable annuity product during the accumulation phase, the annuity product having a payment base, a contract value, and a guarantee of lifetime benefit payments for a relevant life, said system comprising: a storage device having data relating to: the payment base, a withdrawal percent relationship, a withdrawal percent and the deferred variable annuity product; and a processor operatively coupled to the storage device to read said data relating to: the payment base for said annuity product, the withdrawal percent relationship, the withdrawal percent and the deferred variable annuity product, the storage device storing modules utilized by the processor for: calculating the payment base for said annuity product as a function of premium payments paid to the issuer and withdrawals, and predetermining the withdrawal percent relationship that provides a particular withdrawal percent for each year period of the relevant life's life commencing on each birthday of the relevant life; wherein, in accordance with the guarantee, withdrawals made during any year period commencing on a birthday of the relevant life do not decrease the payment base if the withdrawals during the year period are not more than a maximum lifetime benefit payment withdrawal equal to a product of the withdrawal percent and the payment base.