The cash refund feature is when a member receives annuity for life, and at member’s death, the beneficiary gets the total remaining premium balance used in computing annuity minus annuity paid to member.
For example, if you purchase an annuity for $100,000 and are paid out only $60,000 before you pass away, your designated beneficiary will receive the remaining balance that you had paid for your annuity, or approximately $40,000.