What is the New Covenant then? It is the unilateral, irrevocable, unchangeable, eternal promise by God that He will save sinners by forgiving their transgressions and regenerating them from the inside to love Him and obey Him… The New Covenant embodies grace and peace and the Holy Spirit and regeneration and the knowledge of God and the forgiveness of sin and a new heart and pure fellowship with God and love for God. This covenant was personal and individual.