Did Lelouch vi Britannia really die?

I've recently gotten hooked to Code Ge, finishing 50 episodes in 5 days, and was really, really saddened by Lelouch's death. My friend, who was a Code Ge fan for a much longer time than me, told me that Lelouch was actually still alive, and was immortal because Charles gave the code to him. Will Lelouch live with C.C. for eternity?