Method and system for a deferred variable annuity with lifetime benefit payments governed by an age-based withdrawal percent

A system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value and a contract value comprising:

• a storage device;
• a processor coupled to the storage device, the storage device storing modules utilized by the processor, the modules comprising:
• i. a first module for receiving information from a relevant life in order to establish a deferred variable annuity contract;
• ii. a second module for determining a withdrawal percent;
• iii. a third module for receiving benefit payment withdrawal requests from the relevant life;
• iv. a fourth module for calculating a maximum benefit payment withdrawal available periodically without reducing the payment base;
• wherein the maximum benefit payment withdrawal is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and commencing, after a first of the benefit payments;
• wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent;
• and
• wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.

A computer system for administering a deferred variable annuity contract during the accumulation phase, comprising:

• a. means comprising a processor and a memory device coupled to the processor for determining and storing a present payment base;
• b. means comprising a processor and a memory device coupled to the processor for determining and storing a present contract value;
• c. means comprising a processor for determining a withdrawal percent;
• d. means comprising a processor for calculating a maximum benefit payment available periodically without reducing the payment base;
• wherein the maximum available benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and after a first of the benefit payments;
• wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent;
• and
• wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.

In a system for administering a deferred variable annuity contract during the accumulation phase, the improvement comprising:

• administration means comprising a processor coupled to a memory device operative to calculate a benefit payment available, wherein the benefit payment is related to a withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract and after a first of the benefit payments;
• wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent;
• and
• wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.

A computer implemented data processing method for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, and a contract value, said method comprising the steps of:

• a. determining by a processor a present payment base value for the annuity contract, and storing the determined present payment base value in a storage device;
• b. determining by the processor a present contract value for said annuity contract;
• c. determining by the processor a withdrawal percent;
• d. if requested by the relevant life, calculating by the processor a maximum benefit payment withdrawal available periodically for the relevant life which decreases the contract value but does not decrease the payment base value;
• wherein the maximum available benefit payment is related to the withdrawal percent and wherein the withdrawal percent automatically increases over the term of the annuity contract commencing after a first of the benefit payment withdrawals;
• wherein the maximum available benefit payment withdrawal is based on either the Present Payment Base and Withdrawal Percent or the Present Contract Value and Withdrawal Percent;
• and
• wherein the benefit payment is guaranteed to be available for a term greater than one withdrawal period.