What does it mean that Christ died for His elect?

The Scriptures teach that Jesus Christ's atoning death is specifically for those whom the Father has chosen. Matthew 20:28 states that the Son of Man came to give His life as a ransom for many, indicating that His sacrifice is efficacious and guaranteed for those He died for. If Christ's death secured the payment for sin for every individual without exception, then no one would face judgment. However, the reality is that the blood of Christ effectively atones only for the elect, those whose sins are completely forgiven and whose justification is assured. This leads us to affirm that the efficacy of Christ's sacrifice cannot be separated from the sovereign will of God, who intended it for His chosen ones.