Patent ID: 7949601

Claim:
A data processing system for administering a deferred variable annuity contract during the accumulation phase, said system comprising: a communications module for receiving information for said deferred variable annuity contract; a data storage module coupled to said communications module for storing said received information; a processing module coupled to said date storage module for determining a minimum contract value, for determining a guaranteed death benefit amount and for determining a payment base, and wherein said guaranteed death benefit amount is not less than said minimum contract value; and a payment module coupled to said processing module for receiving periodic premium payments during said accumulation phase; said payment module being coupled to said provider for paying lifetime benefit payments during said accumulation phase, the lifetime benefit payments being available up to a maximum amount on a periodic basis during the accumulation phase for a lifetime of a relevant life; wherein said payment module provides excess withdrawal payments during said accumulation phase, and wherein said excess withdrawal payments are in excess of said lifetime benefit payments and may decrease said contract value below said minimum contract value; and wherein said lifetime benefit payments do not decrease said contract value below said minimum contract value, provided that no excess withdrawal payment has been made.