Final answer:
The annuity benefit paid to the beneficiary upon the death of the annuitant is known as the Death Benefit, distinguishing it from other policy components like Cash Value and Surrender Value.
Step-by-step explanation:
The annuity benefit to be paid to the beneficiary at the death of the life income annuitant is typically known as the Death Benefit. Options such as Surrender Value, Cash Value, and Premium Refund are different components or features of certain life insurance contracts, but they are not the annuity benefits paid out upon the death of the annuitant.
In the context of a cash-value (whole) life insurance policy, the policy not only pays out a death benefit but also allows the accumulation of cash value which can be used by the policyholder during their lifetime.