SRS to build up a retirement income layer. Smart one

Using my colleague's case of using SRS to build up a layered Retirement INCOME:

1.One senior colleague shared that he uses his SRS to buy into endowments;

2. it will pay him annually $40k p.a. when he retires.

3. I was a little doubtful; upon clarification, he shared that the $40k p.a. payouts will not last till age 85. 

4. If I try to illustrate using a more predictable INCOME SAIL-SP policy:

Yr-1 to Yr-14: Invest single premium: $30k p.a. x 14 years
(invest at age 50 to 63) = $420k total invested.

5. Maturity payouts from age 65 to 78
From Yr-11 to Yr-24: Maturity sum: 14 x 45k p.a.
(payout from age 65 to 78)

6. While we put aside if SRS can achieve it, because only $15.3k p.a. annually, requiring every 2-yearly to buy a $30k policy in our illustration.  He would have bought $15k p.a. instead.

In summary,
7. what he says may be achievable.

8. Of course INCOME SAIL policies allow payout over 20-years; need not surrender at age 11 as illustrated.  If he had done it，he might be able to stretch from age 65 to 84.