Hadith: Allāhumma laka aslamt, wa bika āmant, wa ‘alayka tawakkalt, wa ’ilayka anabt, wa bika khāsamt. Allāhumma inni a‘ūdhu bi‘izzatika, la ilāha illa ant, an tudillani. Anta al-hayyu alladhi la yamūt, wal-jinnu wal-insu yamūtūn. (O Allah, I surrender to You, I believe in You, I rely upon You, to You I repent, and with Your help I dispute. I seek refuge in Your Might. There is no god but You, that You do not lead me astray. You are the Ever-Living Who never dies, but the Jinn and humans die)

عَنِ ابْنِ عَبَّاسٍ رَضيَ اللهُ عنهما أَنَّ رَسُولَ اللهِ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ كَانَ يَقُولُ:
«اللهُمَّ لَكَ أَسْلَمْتُ، وَبِكَ آمَنْتُ، وَعَلَيْكَ تَوَكَّلْتُ، وَإِلَيْكَ أَنَبْتُ، وَبِكَ خَاصَمْتُ، اللهُمَّ إِنِّي أَعُوذُ بِعِزَّتِكَ، لَا إِلَهَ إِلَّا أَنْتَ أَنْ تُضِلَّنِي، أَنْتَ الْحَيُّ الَّذِي لَا يَمُوتُ، وَالْجِنُّ وَالْإِنْسُ يَمُوتُونَ».
[صحيح] - [متفق عليه، وهذا لفظ مسلم ورواه البخاري مختصرًا] - [صحيح مسلم: 2717]

Ibn ‘Abbās (may Allah be pleased with him and his father) reported that the Messenger of Allah (may Allah's peace and blessings be upon him) used to say:
"Allāhumma laka aslamt, wa bika āmant, wa ‘alayka tawakkalt, wa ’ilayka anabt, wa bika khāsamt. Allāhumma inni a‘ūdhu bi‘izzatika, la ilāha illa ant, an tudillani. Anta al-hayyu alladhi la yamūt, wal-jinnu wal-insu yamūtūn. (O Allah, I surrender to You, I believe in You, I rely upon You, to You I repent, and with Your help I dispute. I seek refuge in Your Might. There is no god but You, that You do not lead me astray. You are the Ever-Living Who never dies, but the Jinn and humans die)."
[Authentic hadith] - - [Sahih Muslim - 2717]

Explanation

The Prophet (may Allah's peace and blessings be upon him) used to supplicate saying: (O Allah, I surrender to You) and I submit to You. (I believe in You), I accept, and I admit. (I rely upon You), I entrust my affairs, and I depend on You. (I repent to You), I return, and I turn to You. (And with Your help I dispute) and argue with Your enemies. (O Allah, I seek refuge) and shelter (in Your might), power, and dominance. (There is no god but You) and no deity is truly worthy of worship but You (that You do not lead me astray) from guidance and the attainment of Your pleasure. (You are the Ever-Living Who never dies) or perishes (but the jinn and humans die).

Benefits from the Hadith

1. It is legitimate to begin with praise before making any request.
2. It is obligatory to rely upon Allah Almighty alone and seek protection from Him, as He possesses the attributes of perfection. He alone is to be relied upon, while all of the creations are powerless and ultimately face death, so they are unfit to rely upon.
3. Following the Prophet's example in supplicating with these comprehensive words, which express true faith and ultimate certainty.
4. As-Sindi said: His statement (You are the Ever-Living) means: We should seek refuge with You and no one else.