All of his iniquities…
This last verse is like a nail in the coffin of Arminianism and Dispensationalism, for two reasons: (i.)Israel will be redeemed from all of his iniquities, and (ii.)Israel will be redeemed from all of his iniquities. Regarding (i.), the text makes it evident that it is Israel who will be redeemed from all of his sins, and this implies two things, viz. (a.)redemption is not provided for all but only for a specific group of people named “Israel,” i.e. the chosen people of God, and (b.)since redemption provided by God the Word of God is complete, as it is redemption from all of Israel’s iniquities, this includes the sin of unbelief. Therefore, we can conclude that redemption was not provided for all men at the cross, neither is it the case that redemption is only effectual for those who choose to believe, for Israel, and Israel alone, is the recipient of this redemption from all of his iniquities – including the sin of unbelief.
Regarding (ii.), we can see that the body of individuals, while no doubt including the physical descendants of Abraham, refers only to the elect of God from both Jews and Gentiles. This is so because of the psalmist’s unqualified usage of the name “Israel” when referring to those whose sins would be completely atoned for by God the Word; for if “Israel” is taken to mean every single descendant of Abraham that ever existed, we would know that God’s Word contains an absurdity. The dispensationalist might object here by claiming that it doesn’t refer to all of Israel; however, the context doesn’t allow for such an interpretation. The text merely states that it will be Israel who will be redeemed from all of his iniquities. This means that “Israel” is not an ethnic group but a group of people chosen by God, for whom the Word of God would provide redemption, the forgiveness of sins, and for them alone. This chosen race, this holy people is, in other words, the Bride of the Lord Jesus Christ whom He purchased with His own blood – this is Israel who has been redeemed from all of his iniquities.
 See above commentary on v. 7.