[Case Study]Pay $60k and receive $550 for life - A Good Deal?

Recently we received this case study using premium financing to pay for a retirement plan.

At age 40, with an initial outlay of $60,000, is able to receive a projected monthly income of $550 (for life). How this works:

Can this really works? We are a bit skeptical as it heavily depends on these 2 main conditions and variables:

1) Non-Guaranteed portion
Guaranteed amount is $275 and the loan amount is $311. So the non-guaranteed portion needs to generate minimally $36 to offset the loan totally.
Only if the insurer able to generate 4.75% return on their participating funds, then one can get the $239 extra.

2) Interest Rate
RHB interest is based on 1.8%. Currently we are at all time low interest rate environment. When interest rates go up, the loan amount will go up as well.

To us, though the retirement plan is good but the premium financing part is risky.