Ajit,
Don't make this a shield. Life already has Jade Shield and Thorn Carapace which are generally speaking underused. Although the effect is like a shield, I don't think that alone warrants turning it into a shield. If it were a shield this card would be an incredibly unremarkable copy of the Turtle Shield.
Keep it as a permanent.
The synergy that first came to mind for me was actually Turtle Shield plus Labyrinths. Normally Turtle Shield stops a creature for a turn, then the creature exits the time bubble and can attack on its following turn. With Procrastination + 6 x Labyrinth you could delay 6 creatures continuously, which is incredibly powerful.
As the card stands, I think it is a little abusable, considering what Xinef said and the Procrastination scenario I metioned. So we need to think of a way to keep it useful without nerfing it to death.
Upkeep cost is certainly an option. It Would limit your ability to play 6 of these at a time as even an upkeep cost of 1
Labyrinth would mean you probably need to running Mono Life. On the other hand, this might hurt the cards versatility and certainly would hurt its yet to be mentioned use as PC(explosion etc) absorption. I hear what Xinef is saying about not overshadowing Shields and I have to say he is right in pointing out that convention requires the card be temporary or have an upkeep.
If you give it an upkeep, I think 1
is fair enough. If you are only using 1 at a time upkeep of 1
is not painful.
If you decide to make it temporary, you might want to rework the mechanic a bit. I think for example the longer someone tries to get through a maze, the more like they are to solve it. Also, larger numbers mean it will be solved more quickly by some of them. So maybe it could have a certain number of counters until it is gone, like say 6 or something.
Real hard to foresee the balance of the card as Xinef said.
I really love the concept and approve of soft CC like this. It fits life perfectly - good work. Hope it pans out.