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The term salam - here translated as "peace" - comprises the notions of both external and internal security from all that is evil. For a fuller explanation of the term, see surah {5}, note [29].
The above interpolation is based on the consensus of most of the classical commentators. The phrase "the people [or "generations"] from those who are with thee" points to generations as yet unborn; but since God's blessing extends to all believers, it eo ipso comprises the believers of Noah's generation as well; and since "those who deny the truth" (al-kafirun) are excluded from God's blessing, only the righteous from among the offspring of these early believers are promised a share in His grace (cf. a similar allusion, relating to Abraham's descendants, in 2:124 ): hence my interpolation of the words "as for the unrighteous that will spring from you" in the next sentence.
Cf. ii. 126.
Those who truly seek Allah's light and guidance and sincerely bend their will to His Will are freely admitted to Allah's grace. Notwithstanding any human weaknesses in them, they are advanced higher in the stage on account of their Faith, Trust, and Striving after Right. They are given Allah's Peace, which gives the soul true calmness and strength, and all the blessings that flow from spiritual life. This was given not only to Noah and his family but to all the righteous people who were saved with him. And their descendants were also promised those blessings on condition of righteousness. But some of them fell from grace, as we know in history. Allah's grace is not a social or family privilege. Each people and each individual must earnestly strive for it and earn it.