Yes, it is called, surprise surprise, vSphere Fault Tolerance aka FT. it provides a live shadow copy of the VM, and this VM will run on a second host, allowing FT to failover when something happens to the host or the VM process.
Note, this does not help with failures within the VM. That is what vSphere HA VM Monitoring is for. That would allow you to restart a VM in the case of a guest operating system failure for instance
