Flexible premium income annuity system and method

Abstract

A computerized method and system for providing a flexible income annuity includes inputting a plurality of premium payments for the income annuity from an investor, the flexible premium payments being received on different dates. The computerized method and system further includes computationally aggregating income benefits from the one or more investment vehicles of the income annuity where the income benefits are associated with premium payments received on different dates. The method and system further includes calculating an income payment based the aggregated income benefits and outputting the income payments to a payee on one or more selected disbursement dates. Therefore, the investor is provided the flexibility to make premium payments for the income annuity on varying dates.

1 . A computerized method for providing a flexible income annuity comprising:
 electronically identifying a plurality of premium payments for the income annuity from an investor, each of the premium payments being received on at least one of variable dates and in variable amounts selected by the investor after origination of the income annuity;   electronically computationally aggregating, via a processing device, income benefits associated with at least one of the plurality of premium payments received on the at least one of variable dates and variable amounts selected by the investor after origination of the income annuity, the income benefits based at least in part on one or more disbursement options selected by the investor after origination of the income annuity; and   electronically calculating, via the processing device, income payments based on the aggregated income benefits.   
     
     
         2 . The method of  claim 1  wherein the disbursement options include an income start date selected by the investor for income benefits generated by a given one of the plurality of premium payments. 
     
     
         3 . The method of  claim 1  wherein the plurality of premium payments include additional premium payments made during the life of the income annuity. 
     
     
         4 . The method of  claim 1  wherein the income benefits includes a plurality of independent income benefit streams. 
     
     
         5 . The method of  claim 4  wherein the disbursement options include an income start date selected by the investor for each of the plurality of independent income benefit streams. 
     
     
         6 . A system for providing a flexible income annuity, the system comprising:
 a processor; and   a memory having executable instructions stored thereon that when executed by the processor cause the processor to:   identify a plurality of premium payments for the income annuity from an investor, each of the premium payments being received on at least one of variable dates and in variable amounts selected by the investor after origination of the income annuity;   aggregate income benefits associated with at least one of the plurality of premium payments received on the at least one of variable dates and variable amounts selected by the investor after origination of the income annuity, the income benefits based at least in part on one or more disbursement options selected by the investor after origination of the income annuity; and   calculate income payments based on the aggregated income benefits.   
     
     
         7 . The system of  claim 6  wherein the disbursement options include an income start date selected by the investor for income benefits generated by a given one of the plurality of premium payments. 
     
     
         8 . The system of  claim 6  wherein the plurality of premium payments include additional premium payments made during the life of the income annuity. 
     
     
         9 . The system of  claim 6  wherein the income benefits includes a plurality of independent income benefit streams. 
     
     
         10 . The system of  claim 9  wherein the disbursement options include an income start date selected by the investor for each of the plurality of independent income benefit streams. 
     
     
         11 . Non-transitory computer readable media comprising program code that when executed by a programmable processor causes execution of a method for providing a flexible income annuity, the computer readable media comprising:
 computer program code for identifying a plurality of premium payments for the income annuity from an investor, each of the premium payments being received on at least one of variable dates and in variable amounts selected by the investor after origination of the income annuity;   computer program code for aggregating income benefits associated with at least one of the plurality of premium payments received on the at least one of variable dates and variable amounts selected by the investor after origination of the income annuity, the income benefits based at least in part on one or more disbursement options selected by the investor after origination of the income annuity; and   computer program code for calculating income payments based on the aggregated income benefits.   
     
     
         12 . The computer readable media of  claim 11  wherein the disbursement options include an income start date selected by the investor for income benefits generated by a given one of the plurality of premium payments. 
     
     
         13 . The computer readable media of  claim 11  wherein the plurality of premium payments include additional premium payments made during the life of the income annuity. 
     
     
         14 . The computer readable media of  claim 11  wherein the income benefits includes a plurality of independent income benefit streams. 
     
     
         15 . The computer readable media of  claim 14  wherein the disbursement options include an income start date selected by the investor for each of the plurality of independent income benefit streams.