Not if you're Calvinist. This statement requires a belief that were it not for the murder, you would live (substantially) longer. The amount of time stolen by murder is variable and incalculable. If murder were really simply time-theft, we'd punish criminals based on an analysis of how much time was stolen. I'm inclined to think that murder and incarceration are both more aptly considered "theft/loss of liberty." Even here, what you describe is the loss of how you are able to spend your time, and not the actual loss of your time itself. Is money freedom? I'd say having money is up to 90% freedom. There are things that cannot be bought. If you are enslaved to other things, money cannot necessarily free you, but it can buy you attempts: therapy; paying off the cop so he doesn't arrest you; rehab; forgiveness. Having money doesn't mean you're free, but if you're unencumbered by other deficiencies, it allows you to fully realize your freedom. As to your theory - sure, why not? - but so what?'Time-theft' is considered to be the ultimate crime. 'Time-theft' is often referred to by this more popular nomenclature: murder.
Not only are they determining how (physically) you spend your time, but the punishing entity is training the confined party to spend their time in certain ways in the future.