Refugiada means 'sheltered' or 'taken refuge'. While it can refer to someone seeking asylum, in this song, it's used in a more personal and emotional sense.
Tito Rojas sings, "no me siento bien refugiada cuando su labor me encuentro" (I don't feel well sheltered when I find myself in her work). He uses this word to express a feeling of being protected and safe in the presence of his loved one, highlighting the comfort and security she brings to his life.
Tito Rojas brings us a song all about pure happiness and contentment! He tells us, "Vivo contentos señores no se imaginan lo que yo siento por dentro" [I live happily, sirs, you can't imagine what I feel inside]. It's clear he's just overflowing with joy. He feels protected and completely in love, saying his "Corazón vive enamorado hasta feliz todo el tiempo" [heart lives in love, even happy all the time].
Even when he's out with friends, his mind drifts to that special someone, thinking about them after just 20 minutes. He just wants to see them again! He repeats, "a tu lado vivo feliz a tu lado vilo contento" [by your side I live happily, by your side I live content]. It's a simple, joyful declaration that being with this person makes him feel free and happy, and he encourages everyone to "vive tu vida contento vive tu vida feliz" [live your life content, live your life happy].