Definitions for "Redeemed"
saved from the bondage of sin
The verb redeem is used in the sense of "free, rescue, ransom". The speaker believes that his or her faith in Christianity has "rescued" them from the spiritual consequences of their actions or previous lack of belief. This is a fairly close synonym for saved. Source: http://en.wikipedia.org/wiki/Christianese
A term which means bought or purchased. "...knowing that you were not redeemed with corruptible things, like silver or gold, from your aimless conduct received by tradition from your fathers, but with the precious blood of Christ, as of a lamb without blemish and without spot" (1 Pet. 1:18-19).