Hmm.
Well, the reading of 生命 is seimei. As for inochi, that reading (represented here as katakana) belongs to the kanji 命. Checking a few dictionaries, it would appear that seimei is more objective/scientific/academic while inochi has a more literary/artistic/general use nuance. So, although both terms have a meaning of "life", due to the existence of the nuances, they are different.
As for the track title -- why one word is in Kanji and why one word is in Katakana (the latter of which is usually written in Kanji or Hiragana), and why they have different readings, the best explanation I can come up with is "for stylistic purposes". How it is pronounced in the song may or may not be inconsequential.
Therefore, assuming that preserving the original nuances/meanings of track titles is one of our goals, then this particular track title should be left as-is (i.e. Seimei -Inochi-).
Disclaimer: I haven't listed to this track or the album, and know nothing about it and know nothing about the products represented by this album.
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