“The deliverer will come from Zion; he will turn godlessness away from Jacob.
27 And this is my covenant with them when I take away their sins.”
Paul happens to be referring to the New Covenant, FIRST mentioned on Jeremiah.
Those IN CHRIST JESUS, including INDIVIDUAL JEWS are under the New Covenant. The literal nation of Israel is not.
Jeremiah 31:31Behold, the days come, saith the LORD, that I will make a new covenant with the house of Israel, and with the house of Judah: 32Not according to the covenant that I made with their fathers in the day that I took them by the hand to bring them out of the land of Egypt; which my covenant they brake, although I was an husband unto them, saith the LORD: 33But this shall be the covenant that I will make with the house of Israel; After those days, saith the LORD, I will put my law in their inward parts, and write it in their hearts; and will be their God, and they shall be my people. 34And they shall teach no more every man his neighbour, and every man his brother, saying, Know the LORD: for they shall all know me, from the least of them unto the greatest of them, saith the LORD: for I will forgive their iniquity, and I will remember their sin no more.
ALL ISRAEL...Romans 11:26
All Israel. That Paul is not teaching universal salvation for either Gentiles or Jews has already been shown (see on v. 25). Furthermore, why should only the generation of Jews living in the time of the end be assured of salvation by some kind of divine decree? Paul has expressed his hope that “some of them” (v. 14) might be saved. It seems evident from this that he believed that many would reject all efforts to save them, and that accordingly he never envisioned the conversion of the entire nation.
Some commentators hold that the faithful remnant (see on v. 5) to which are added those Jews who accept Christ during the Christian Era, constitute the “all Israel” who will be saved. This view is based on the observation that Paul’s burden in ch. 11 is the salvation of his fellow Israelites. He contrasts their salvation with that of the Gentiles. The two groups are distinguished throughout the chapter by the Jews’ being referred to in the third person and the Gentiles in the second. The salvation of the former is described by the expression “all Israel shall be saved”; that of the latter by “the fulness of the Gentiles be come in.”
Other commentators hold that “all Israel” represents spiritual Israel. This view is based on the belief that Paul is here completing his illustration of the olive tree. He has shown how the branches representing the unbelieving Jews were broken off, and the wild olive shoots, representing the Gentiles, grafted in. He has shown, also, how the severed branches could be reunited with the parent stock. By the grafting in of these branches the tree representing spiritual Israel would again be made whole. “All Israel” would thus represent the totality of those saved, Jews and Gentiles, who together constitute “all” of true Israel (Rom. 2:28, 29; Gal. 6:15, 16).
SDA Bible Commentary