Shaantaakaaram bhujagashayanam

शान्ताकारं भुजगशयनं  पद्मनाभं सुरेशं।

विश्वाधारं गगनसदृशं मेघवर्ण शुभाङ्गम् ।

लक्ष्मीकान्तं कमलनयनं योगिभिर्ध्यानगम्यम्

वन्दे विष्णुं भवभयहरं सर्वलोकैकनाथम् ॥

śāntākāraṁ bhujaga-śayanaṁ  padmanābhaṁ surēśaṁ।

viśvādhāraṁ gagana-sadr̥śaṁ  mēgha-varṇa śubhāṅgam ।

lakṣmīkāntaṁ kamala-nayanaṁ yōgibhir-dhyāna-gamyam

vandē viṣṇuṁ bhava-bhaya-haraṁ  sarva-lōkaika-nātham ॥

Meaning:

I bow to God Vishnu who is the embodiment of peace, who reclines on the divine serpent, whose navel is the source of the Lotus, who pervades the universe, whose complexion is as (blue as) the clouds, who embodies auspiciousness, who is the beloved of Goddess Lakshmi, whose eyes are like Lotus, who is meditated upon by the yogis, who is the remover of the fear of the cycle of birth and death, who is the only master of the all the lokas (heaven, earth, etc).

Extended meaning:

The importance of this shloka is to highlight that Bhagwan Vishnu is omnipotent (all-powerful), omnipresent (present everywhere), and omniscient (all-knowing). It emphasizes that those who devote themselves to Vishnu would rid themselves of fear of life and death in his worship and find peace and happiness through devotion.