A Classic Load Balancer is a service that helps distribute incoming network traffic across multiple servers, ensuring no single server becomes overwhelmed. This improves the availability and reliability of applications by balancing the load, which can lead to better performance and user experience. It operates at both the Transport Layer (Layer 4) and the Application Layer (Layer 7) of the OSI Model. The Classic Load Balancer can handle various protocols, including HTTP, HTTPS, and TCP, making it suitable for different types of applications and workloads.