It's not going to rewind your code back to the beginning of that line when the interrupt returns. It'll jump back into where the segfault happened, deep inside libc, which already has a copy of the variable that won't change when you change j. So, that's not going to work.
There's also a problem with calling library calls inside a signal handler. What if, for instance, a SIGSEGV happened right inside malloc(), causing a second malloc() to be called before the first one has finished? The heap may not even be in a valid state at that moment, or may be left in an invalid state when the second one returns. Nothing but system calls are signal-safe unless specifically written to avoid signal interference, and even then, not all system calls.
I also forsee another problem with this design of yours. The signal has no way to know what size buffer is needed. Why not just do this instead?
int main(void)
{
j=strdup("hello\n");
}
This creates a correct-sized buffer containing "hello\n" for you. You can free it with free() later.