The Prophet, Sallallahu Alayhi Wa Aalihi Wa Sallam, said: "If somebody recites the Sayyidul Istghfaar during the day with firm faith in it and dies on the same day before the evening, he will be from the people of Paradise and if somebody recites it at night with firm faith in it and dies before the morning he will be from the people of Paradise."? Sahih Al-Bukhari, Volume 8, Book 75, Number 318
اَللّهمَّ اَنْتَ رَبِّى لاَإِِلهَ إِلاَّ أَنْتَ خَلَقْـتَـنِى وَأَنَا عَبْدُكَ وَأَنَا عَلَى عَهْدِكَ وَوَعْدِكَ
مَاسْتَطَعْـتُ وَأَعُوْذُبِكَ مِنْ شَرِّ مَاصَنَعْـتُ أَبُوْءُ لَكَ بِنِعْمَتِكَ عَلَىَّ وَأَبُوْءُ بِذَنْبِي
فَاغْـفِرْلِى فَإِنَّهُ لاَ يَغْـفِرُ الذُّنُوْبَ إِلاَّ أَنْتَ
Allahumma Anta rabbi laa ilaaha illa anta khalaqtani wa anaa 'abduka wa ana 'ala 'ahdika wa wa'dika mastatha'tu wa a'udzubika min sharri maa shana'tu abuu u laka bini'matika 'alayya wa abu u bidzanbi faghfirlii fainnahu laa yaghfirudz dzunuuba illa anta.
0 Allah! You are my Cherisher. There is no deity except You. You have created me and I am Your servant and as far as possible, I abide by my solemn promise and covenant (which I made to You). I seek Your protection against the consequences of my wrongdoings. I fully acknowledge the grace You have bestowed upon me and I confess my faults. So pardon me my sins as none besides You can pardon sins.
Benefit: According to the Hadeeth anyone who recites Sayyidul lstighfaar with conviction and devotion once during the day or night, and if he happens to die on that day or night he will surely enter Jannah.
It is for this reason that it has been named Sayyidul Istighfaar meaning The Chief Form of Repentance.