My degree is in finance and generally speaking with most lotteries that I've seen the better option is usually to take the cash now because that cash can be invested. (Assuming that you in fact do invest it.) The amounts obviously matter but generally speaking with equal or close to equal amounts, money now is worth more then money later.
But the option presented in the OP if true that is obviously not the case. In fact the numbers are so far off that it's completely obvious without requiring a great deal of calculations.
But I've never seen a lottery offer a "for life" number. It's usually something they pay over 20 years or something, not an open ended amount you get for life.