The passage here is talking to us about what Jesus did for us that puts us in the position that we occupy in Him. The word redemption is actually talking about deliverance from sin, and from the evil consequences of sin.

How did we achieve this feat? Paul said to the Ephesians that it was as a result of the atonement made by the Lord Jesus Christ. He shed His blood to atone for our sins because without the shedding of blood there is no remission for sin (Hebrews 9:27).

However, Paul also draws our attention to the fact that it was by grace. Indeed the grace of God, which brings salvation, has appeared to all men. Titus 2:11. The grace flows bountifully on us though we do not deserve it and is all that is needed to bring forgiveness of sin to man.  It is indeed exceeding riches of his grace, as it is enough encouragement for the greatest sinners to hope for mercy in and through our Lord Jesus Christ. What an amazing Grace it is and this grace is the gift of God.