وَوَهَبْنَا لَهُ إِسْحَقَ وَيَعْقُوبَ ...

And We bestowed on him, Ishaq and Ya`qub,

This is like the Ayah,

فَلَمَّا اعْتَزَلَهُمْ وَمَا يَعْبُدُونَ مِن دُونِ اللَّهِ وَهَبْنَا لَهُ إِسْحَـقَ وَيَعْقُوبَ وَكُلاًّ جَعَلْنَا نَبِيّاً

So, when he had turned away from them and from those whom they worshipped besides Allah, We gave him Ishaq and Ya`qub, and each one of them We made a Prophet. (19:49)

That is, when he left his people, Allah gave him joy in a righteous son who was also a Prophet, to whom in turn was born, in his grandfather's lifetime, a righteous son who was also a Prophet.

Allah also says:

وَوَهَبْنَا لَهُ إِسْحَـقَ وَيَعْقُوبَ نَافِلَةً

And We bestowed upon him Ishaq, and Ya`qub in addition (21:72)

meaning, as an additional gift.

This is like the Ayah,

فَبَشَّرْنَـهَا بِإِسْحَـقَ وَمِن وَرَآءِ إِسْحَـقَ يَعْقُوبَ

But We gave her glad tidings of Ishaq, and after Ishaq, of Ya`qub. (11:71)

meaning, to this son would be born a son during their lives, who would be a delight to them.

.... وَجَعَلْنَا فِي ذُرِّيَّتِهِ النُّبُوَّةَ وَالْكِتَابَ ...

and We ordained among his offspring Prophethood and the Book,

This is a tremendous blessing. Not only did Allah take him as a close friend and make him an Imam for mankind, but He also ordained Prophethood and the Book among his offspring.

After the time of Ibrahim there was no Prophet who was not from among his descendants. All of the Prophets of the Children of Israel were from among his descendants, from Ya`qub bin Ishaq bin Ibrahim to the last of them, `Isa bin Maryam, who stood in the midst of his people and announced the good news of the Hashimi Qurashi Arab Prophet, the last of all the Messengers, the leader of the sons of Adam in this world and the next, whom Allah chose from the heart of the Arab nation, from the descendants of Ismail bin Ibrahim, may peace be upon them. There is no Prophet from the line of Ismail besides him, may the best of blessings and peace be upon him.

... وَآتَيْنَاهُ أَجْرَهُ فِي الدُّنْيَا وَإِنَّهُ فِي الْآخِرَةِ لَمِنَ الصَّالِحِينَ ﴿٢٧﴾

and We granted him his reward in this world; and verily, in the Hereafter he is indeed among the righteous.

Allah granted him happiness in this world that was connected to happiness in the Hereafter, for in this world he had plentiful provision, a splendid home, a beautiful and righteous wife, and he was and still is spoken of highly, for everyone loves him and regards him as a friend.

Ibn Abbas, Mujahid, Qatadah and others said:

"He obeyed Allah in all ways.''

This is like the Ayah,

وَإِبْرَهِيمَ الَّذِى وَفَّى

And of Ibrahim who fulfilled all. (53:37)

He did all that he was commanded to do and obeyed his Lord to the utmost. Allah says: وَآتَيْنَاهُ أَجْرَهُ فِي الدُّنْيَا وَإِنَّهُ فِي الْآخِرَةِ لَمِنَ الصَّالِحِين (and We granted him his reward in this world; and verily, in the Hereafter he is indeed among the righteous).

And He says:

إِنَّ إِبْرَهِيمَ كَانَ أُمَّةً قَـنِتًا لِلَّهِ حَنِيفًا وَلَمْ يَكُ مِنَ الْمُشْرِكِينَ

Verily, Ibrahim was an Ummah, Qanit to Allah, a Hanif, and he was not one of the idolators, until:

وَإِنَّهُ فِى الاٌّخِرَةِ لَمِنَ الصَّـلِحِينَ

and in the Hereafter he shall be of the righteous. (16:120-122)