Patent ID: 8209197

Claim:
A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, and a contract value, said system comprising: a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the 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 available lifetime benefit payment withdrawal, during each of a plurality of periods during the accumulation phase, including periods after a first lifetime benefit payment withdrawal, is greater of ((a value based on the present payment base and the withdrawal percent) or (a value based on the present contract value for the current period and the withdrawal percent)), wherein withdrawals decrease the contract value; the lifetime benefit payment is available until the death of a covered life, and withdrawals during one of the periods during the accumulation phase and not in excess of the available lifetime benefit payment withdrawal do not decrease the present payment base; and wherein the present payment base is increased based on an increase in the current period contract value over a prior period contract value in periods after the first lifetime benefit payment withdrawal, and a periodic increase in the present payment base is limited to a maximum percentage.