رَبَّنَا آتِنَا فِي الدُّنْيَا حَسَنَةً وَفِي الآخِرَةِ حَسَنَةً وَقِنَا عَذَابَ النَّارِ  

Rabbana atina fid-dunya hasanatan wa fil 'akhirati hasanatan waqina 'adhaban-nar

Word by Word:

Rabbana: Our Lord

atina: Grant us

fid: in

dunya: world

hasanatan: good

wa: and 

fil: in

'akhirati: hereafter

hasanatan: good

waqina: saves us

'adhab: punishment

an nar: hell

Translation: Our Lord! Grant us good in this world and good in the hereafter, and save us from the chastisement of the fire [2:201]  

Tafseer: And there is another among them who says: "Our Lord, give us good in this world and good in the Hereafter and save us from the punishment of Fire.

The supplication mentioned and praised in the Ayah includes all good aspects of this life and seeks refuge from all types of evil. The good of this life concerns every material request of well-being, spacious dwelling, pleasing mates, sufficient provision, beneficial knowledge, good profession or deeds, comfortable means of transportation and good praise, all of which the scholars of Tafsir have mentioned regarding this subject. All of these are but a part of the good that is sought in this life. As for the good of the Hereafter, the best of this includes acquiring Paradise, which also means acquiring safety from the greatest horror at the gathering place. It also refers to being questioned lightly and the other favors in the Hereafter.

As for acquiring safety from the Fire, it includes being directed to what leads to this good end in this world, such as avoiding the prohibitions, sins of all kinds and doubtful matters.