the setting of someone free from bondage, above all the release from sin that Christ secured by his death, along with the full freedom still to come
The picture behind this word is buying a captive or a slave out of bondage and setting them free. In the wider ancient world that release was often literal, secured by paying a price. In Israel's Scriptures God is the great redeemer of his people, and there the picture pulls two ways at once: sometimes a price is clearly in view, as when a firstborn son is bought back, and sometimes there is no payment at all, as when God simply rescues Israel out of Egypt by his own mighty hand.
In the New Testament the word gathers around Christ. Most often it names what his death achieved: people set free from sin and their guilt cancelled, a freedom described as costing his own blood. This is the heart of the word for Paul and for the letter to the Hebrews.
It also looks forward. Believers are said already to have this freedom and yet still to wait for it, because the rescue is not complete. The word can name the freedom of the body at the resurrection and the final deliverance when Christ returns.
And in one place it means nothing more than "plain release," when the letter to the Hebrews describes people who were tortured and would not accept the freedom offered them in exchange for giving up their faith. That wide span, from a costly rescue out of sin to a simple release from a captor, is why no single English word carries the whole of it.