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According to popular Jewish belief, even the sinners from among the children of Israel will suffer only very limited punishment in the life to come, and will be quickly reprieved by virtue of their belonging to "the chosen people": a belief which the Qur'an rejects.
The Jews in their arrogance might say: Whatever the terror of Hell may be for other people, our sins will be forgiven, because we are the children of Abraham; at worst, we shall suffer a short definite punishment and then be restored to the "bosom of Abraham". This bubble is pricked here. Read this verse with ii. 81-82. The general application is also clear. If Unfaith claims some special prerogative, such as race, "civilation," political power, historical experience, and so on, these will not avail in Allah's sight. His promise is sure, but His promise is for those who seek Allah in Faith, and show it in their conduct.