What Does it Mean To Be Redeemed?

Here's a short story that we thought shared the essence of the word "redeemed."

"So we praise God for the glorious grace he has poured out on us who belong to his dear Son. He is so rich in kindness and grace that he purchased our freedom with the blood of his Son and forgave our sins. He has showered his kindness on us, along with all wisdom and understanding." - Ephesians 1:6-8