Third-protection from pit and destruction.
Psalm 103:4, “Who redeems your life from the pit.”
This benefit is very dear to David because he can remember several times God intervened, protected and guarded his life from king Saul, the Giant Goliath, lion and bear, wild animals while he was taking care of his flocks as a shepherd boy, and several other enemies who really wanted David to be destroyed including his own son Absalom. David reflects God redeemed his life from the pit many times. Pit could mean death, severe sickness that could lead to death or other dangerous places that could cause destruction to his life.
When you think about it, is it not dear to you and me as well? You and I still are alive only due to Lord’s deliverance from death. How many accidents happened in high ways and side roads in the USA every day? Did you ever think why are you still alive?