What is the meaning of redemption in the Bible?

“Just as the Son of Man did not come to be served, but to serve, and to give His life a ransom for many.” That ransom, that payment for redemption, came through His shed blood. “Knowing that you were not redeemed with corruptible things, like silver or gold, from your aimless conduct received by your fathers, but with the precious blood of Christ, as a lamb without blemish and without spot” (1 Peter 1:18-19). We are in bondage to sin until Jesus frees us and we receive His forgiveness. “In Him (Jesus) we have redemption through His blood, the forgiveness of sins, according to the riches of His grace” (Ephesians 1:7). God gave us a picture of redemption in Exodus as He freed the Israelites from bondage to the Egyptians, (Exodus 6:6). The freeing of Israel from Egypt is a physical picture of spiritual reality as we are freed from sin through faith in Jesus and His shed blood. Redemption for us is immediate in salvation; we are freed from the possession of sin. Then, through the process of sanctification, we are freed from the power of sin. Finally, we will one day partake in glorification when we will be forever freed from the presence of sin. (See Romans 8:23). Praise be to Jesus, who has redeemed us through His perfect blood! (See Titus 2:11-14.)