Tree of Life is known as "Akshaya Vata" (Akshaya means immortal and Vata means tree) in Hindu mythology and refers to Banyan tree.
A common saying in Varanasi (Banaras, Kashni) a pilgrimage city in North India is that a banyan tree never dies. The banyan tree not only propagates itself through its fruit, but over time sends down aerial roots that become supportive trunks themselves. Over time, a banyan tree can have over a thousand such trucks and thus the this saying. Due to its aerial roots, the tree is also called as Bahupada, or the one with several feet. The tree doesn't allow any grass or plant grow under it.
The Banyan tree is associated with many Hindu gods like Lord Shiva, the ascetic Hindu God; and Yama, the God of death. It represents one's spiritual aspirations and detachment from materialism.
This tree is also highly regarded in Buddhism as it is believed that Gautam Buddha sat under this tree for seven days after he attained enlightenment to absorb his new-found realization.
Today the Tree of Life pattern is beautifully sculptured on many home decor items like these jewellery boxes, smart phone dock and Tree of Life Tablet and Book Wood Adjustable Stand.