Mormons use it synonymously with atonement. They believe all people are redeemed from physical death. They often talk about how all will return to God’s presence because of Jesus’ redemption, but they usually don’t explain that people return to his presence to be *judged.* Only those who were obedient will be worthy to *remain* in his presence. "Because we are accountable and we make the choices, the redemption from our own sins is conditional—conditioned on confessing and abandoning sin and turning to a godly life, or in other words, conditioned on repentance" (Gospel Topics: Redemption, lds.org).
Biblical Christianity teaches that Jesus paid the ransom price for all sin by his suffering and death (1 John 2:2). Through faith we receive the benefits of his death (Romans 3:22-27).