He will deliver his soul from going into the pit, and his life shall see the light. He will deliver his soul - He will do that to every individual penitent sinner which he has promised in his word to do for a lost world - he will deliver his soul from going down to the pit of hell.
And his life shall see the light - He shall walk in the light, as Christ is in the light; always enjoying a clear sense of his acceptance through the blood of the Lamb. See another mode of paraphrasing these verses at the end of the chapter.