He died before he ever set the raft on fire...
Our Man left the world to go out and make peace, with himself and with God - live or die. He had done something unforgivable to those he left behind. He goes through the motions during every challenge because he knows his fate is in God's hands.
Does he die in the water? NO, he dies before that when he goes to sleep after throwing the jar into the ocean. Watch as he struggles to throw the jar into the ocean, he knows it means the end. He awakens (after death) to an ocean that is perfectly calm, sees a small boat in the distance, sets his boat on fire (never mind using the two flares he saved after the last cargo ship went by)... The wet paper burns in a wet container like it has a gallon of gasoline on it. Makes sense, right? He sinks into the ocean with no struggle although no human body would ever let that be possible.
The burning raft above him represents all that he destroyed, the rescue boat is his last chance at salvation, he reaches out and grabs the hand of God.