Yes, REDEMPTION is a Scrabble word!

Letter values in Scrabble US: R 1, E 1, D 2, E 1, M 3, P 3, T 1, I 1, O 1, N 1.

Is it a valid word?

REDEMPTION is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

(theology) the act of delivering from sin or saving from evil
repayment of the principal amount of a debt or security at or before maturity (as when a corporation repurchases its own stock)
the act of purchasing back something previously sold