The meaning of Redemption in the Bible
(From Easton's Bible Dictionary)

the purchase back of something that had been lost, by the payment of a ransom. The Greek word so rendered is apolutrosis , a word occurring nine times in Scripture, and always with the idea of a ransom or price paid, i.e., redemption by a lutron (see Matthew 20:28; Mark 10:45). There are instances in the LXX. Version of the Old Testament of the use of lutron in man's relation to man (Leviticus 19:20; 25:51; Exodus 21:30; Numbers 35:31,32; Isaiah 45:13; Proverbs 6:35), and in the same sense of man's relation to God (Numbers 3:49; 18:15).

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