Bingo! Your phone has a Mediatek chipset (MediaTek MT6589 precisely), nothing is as easy as flashing an MTK device.
You just need a flasher and flashing files (ROM) and eventually have drivers installed.
[The process below is for Windows OS only]
Blu Life One firmware (ROM): Here (Requires to be registered to the site, takes less a minute) or here (Serous mobile phone forums).
SP Flashtool : Here (Grab the latest version, always stable)
MTK VCOM drivers: Here
Install the drivers. Otherwise your phone won't be detected by the computer.
Unzip the firmware (should be a .zip or .rar file).
Open SP Flashtool. Click on Scatter-Loading then browse to the folder that contains the firmware. You'll have a text file xxxxx-android-scatter, or similar. Select it.
SP Flashtool should load some files on the main interface. Uncheck the firmware field labelled: PRELOADER (very important), leave the other checked. It is sometimes recommended to only keep the field SYSTEM or ANDROID checked.
Now, click on the green arrow (Download) then connect your phone to the computer. Should be shut down with battery inside.
Windows should start installing drivers the the flashing process should start.
Wait until the end, a big green check-mark should pops.
Please report any errors I'll try to help you.