What does it mean to be redeemed?

The definition of redeemed:

To release on receipt of ransom. Deliverance, especially from the penalty of sin. To buy.

In the Old Testament, the Lord redeemed the children of Israel out of bondage from Egypt and from Pharaoh king of Egypt. (Exodus 13:12-16)

Deuteronomy 7:8 But because the LORD loved you, and because he would keep the oath which he had sworn unto your fathers, hath the LORD brought you out with a mighty hand, and redeemed you out of the house of bondmen, from the hand of Pharaoh king of Egypt.

Instead of the cruel bondage of Egypt, the Lord delivered them, and they served the Lord their God. (Leviticus 25:55, Numbers 3:41, 8:17, 33:4)

While the children of Israel were under physical bondage in Egypt to Pharaoh, we were under spiritual, emotional, and physical bondage to our enemies of sin and the devil.

Because the Lord loved us, as promised, He redeemed us from our enemies, so that we could live holy and righteous, walking in His Spirit. (Psalms 107:2, Genesis 3:15, Daniel 9:24, 1Corinthians 1:30)

Luke 1:68, 70, 74-75 Blessed be the Lord God of Israel; for he hath visited and redeemed his people… As he spake by the mouth of his holy prophets, which have been since the world began…That he would grant unto us, that we being delivered out of the hand of our enemies might serve him without fear, in holiness and righteousness before him, all the days of our life.

Hebrews 2:14-15 Forasmuch then as the children are partakers of flesh and blood, he also himself likewise took part of the same; that through death he might destroy him that had the power of death, that is, the devil; and deliver them who through fear of death were all their lifetime subject to bondage.

Titus 2:14 Who gave himself for us, that he might redeem us from all iniquity, and purify unto himself a peculiar [His own] people, zealous of good works. [iniquity: ‘anomia’: "lawlessness," the bondage of self-will which rejects the will of God - Vine’s]

Colossians 1:14-15 In whom we have redemption through his blood, even the forgiveness of sins: who is the image of the invisible God, the firstborn of every creature: (Acts 2:38, Ephesians 1:7, Romans 3:24)

1Corinthians 6:20 For ye are bought with a price: therefore glorify God in your body, and in your spirit, which are God's.

1 Peter 1:18-19 Forasmuch as ye know that ye were not redeemed with corruptible things, as silver and gold, from your vain conversation received by tradition from your fathers; but with the precious blood of Christ, as of a lamb without blemish and without spot:

Revelation 5:9-10 And they sung a new song, saying, Thou art worthy to take the book, and to open the seals thereof: for thou wast slain, and hast redeemed us to God by thy blood out of every kindred, and tongue, and people, and nation; and hast made us unto our God kings and priests: and we shall reign on the earth.