Which settlement option provides a payment to the annuitant without residual value for the beneficiary?

The settlement option that provides a payment to the annuitant without residual value for the beneficiary is Life Income. This option ensures that the annuitant receives a stream of income for their lifetime. Once the annuitant passes away, payments cease, and there is no remaining balance that can be paid out to a beneficiary. This feature makes it distinct from other options like cash refund or fixed period, which may provide some return of value to the beneficiaries after the annuitant's death.

In essence, the Life Income settlement option prioritizes providing financial security to the annuitant for as long as they live, while not preserving any value for heirs or beneficiaries after the annuitant's death. This option is particularly attractive for individuals who are concerned primarily with their own financial needs and do not have a significant focus on leaving an inheritance.