In DB2 some terminology is confusing to many people. I like to explain those:
Bind package: Binding a single DBRM is called bind package. However after bind package we need to bind with a PLAN.
Plan package: Binding single or multiple DBRMs into a Plan. Practically in real-time we do Plan bind. Bind package has some benefits. We can give separate Bind options for each Bind package.
Rebind: This is we do for existing components to update optimum access paths.
Free: We use free command to Free plan or Package.
We all know Bind does DB2 syntax check and provide optimum access paths.