What is this Phone/Eye Icon in my notification bar on LG Volt?
This icon seems to be some "user is active" icon that notifies you when the device captured you looking at the phone, but not actively using it.

There is a similar icon I know from my Samsung device that is meant to do this. It will prevent the display from becoming dark/locking the device so you can read your article, book etc. without tapping on the screen to keep it bright and unlocked.

If you like you may be able to disable that feature (active camera uses quite some battery) in the Display settings under Smart Screen.

Reference: How to Enable Smart Screen on LG G2