To add to what sdg said, there are many variables that affect the present value of your lifetime annuity. That said, the best way to start to understand the calculation is to begin with the actuarial definition of a "Contingent Annuity", that is the annuity payment is contingent on you still being alive.
From Models for Quantifying Risk Second Edition, by Cunningham, Herzog, and London, the base definition of a contingent annuity is given as the following in Section 6.1.1:
Annuity Present Value = [Payment Amount] * {Infinite Sum(t=1 to Infinity) [v^t * tPx]
Where : v = 1/(1+[interest rate])
And : tPx = the probability of survival t more years, given the current age x
Later in the chapter the modification for an increasing annuity is described and shown using an additional function of t in the infinite sum that represents the growth function of the annuity payout.
The probability of survival from age x to x+t is usually derived from experience and shown in a life table, which are usually published publicly if I remember correctly. This will be based on many factors as was mentioned earlier such as smoker/non-smoker, gender, and any other practical, predictive factor allowed by law and the Actuarial Standards of Practice.
It would be good to do some further reading into actuarial calculations regarding lifetimes if you are interested to learn more. The book I mention earlier was my textbook in school, there are also many study manuals available for SOA exam MLC that might be useful. Good Luck!