“hears” = not just a discerning of noise with the ear; this speaks of a hearing with understanding and, thus, of action.

“my word” = not just what Jesus says, but also the totality of things about Him, i.e. the gospel.

Jesus links eternal life to believing the Father and hearing the word of the Son.  Anyone who really believes the Father will accept the Son; it is impossible to believe the Father and to turn away from Jesus. To reject Jesus is to reject the Father and negates the receipt of eternal life.

“has” = is in the present tense eternal life is a present possession; Jesus is not talking about going to heaven some day.  Eternal life does not start at death, it begins when one “hears” the word of Jesus and believes on the Father.

“will not be condemned” = Judgment is something that takes place right now.  If we live in evil and darkness, and refuse to listen to the word of the Son, we have judged ourselves.  Note the following by Wright:

Still, as of old,
Man by himself is priced.
For thirty pieces Judas sold
Himself, not Christ.”

Jesus compares condemnation with death; to be under condemnation is to be dead.  Note that the opposite of either is life.  Note also that this life is “everlasting.”  Even though it begins now, it lasts forever.

“passed” = to pass over from one place to another.  The example of a cross being drawn as a bridge over a great chasm which separates man from God is a good illustration of this verb and its usage of passing over from death to life.  Before hearing the word of the Son and believing on him who sent him, we all were living in death and condemnation.  By acting upon the good news, we are enabled to pass over that great chasm to life.

“life” = not just a state of “being saved.”  Eternal life is flesh on the bone of existence.  It is a new fullness and completeness which cannot be had apart from the Giver of all life. With this life comes meaning and purpose.  Jesus did not come to just extend the length of life, but to give us a new quality of life (#Jo 10:10).

Joh 10:10  The thief comes only to steal and kill and destroy; I have come that they may have life, and have it to the full.

The eternal life we receive here and now is no different in kind from that we have in heaven. What is different is the degree and the circumstances. We have eternal life right now, but we are not at home — we are foreigners in this world (#1Peter 1:1). We feel like we don’t belong here and we are right! It is only when we get to heaven that we will feel at home, where we belong. The “life” we have received will be the same, but it will “feel” vastly different.

1 Peter 1:1  Peter, an apostle of Jesus Christ, To God’s elect, strangers in the world, scattered throughout Pontus, Galatia, Cappadocia, Asia and Bithynia,