There are a few errors in the card text, but if I understand the intention of this card correctly, there are 2 effects - one of which activates from the hand or field, the other which activates from the grave.
Increasing life points equal to damage you take is ... well not a useless effect, it can prevent an OTK at a critical moment, but not very good either, but the effect that activates in the graveyard is very good and worth running this for. A special summon from the deck is really powerful.