For some reason I REALLY don't like this idea... imagine taking down a really powerful creature (say a Pharoh, a Light Dragon, or even a super-buffed Lava Golem with Momentum) and then having the opponent play THIS card in a pinch to revive said powerful creature to get a second chance at owning everything.
Not to mention it's WAY too cheap for its cost. Life could be overdone with this card, if you couple this with the
Dragons and whatnot. Also: when you play this card, do you have to target a creature (so that upon death, it gets replayed again), or is it automatic (whatever creature goes down, you get it back in your hand)? If it's automatic, I don' know how it's going to work against damage spells like thunderstorm. ???