I think to have read about Sentinel, which Veeru recommends, in some Linux context not so long ago.
Sounds promising.
But there are numerous ways of monitoring processes.
For your situation probably overkill, but I for instance have many vital processes monitored by my Nagios server.
There comes a handy Nagios plug-in called check_procs with quite a few options.
If you define a Nagios event_handler and write a wee wrapper script you can even have crashed procs be restarted through the event handler by Nagios unattendedly, but getting notice of it however.
Albeit, one should always determine the cause for a crashed process rather than having it simply restarted automatically.
Madness, thy name is system administration