Using your GV:
Initially (or at Start of Layout) set GV to [X minutes] * 60.
Every Tick | GV-dt
If GV <= 0 | [Reward the Life Timer]
I don't know what you mean by life timer but I'm assuming it's a timer of your player's life that starts at a certain amount and decreases?
If so, you need more variables. Say:
LT [Life Timer] = [Your desired life]
IsRewarded = 0
You would then add:
If GV <= 0 | [Reward the Life Timer] Set IsRewarded to 1
If IsRewarded == 1 | LT-dt
If LT <= 0 | Set LT to 0 (So your life timer won't go negative.)