Baptism is necessary for salvation for all those to whom the Gospel has been proclaimed and who have had the possibility of asking for this sacrament.
Since Christ died for the salvation of all, those can be saved without Baptism who die for the faith (Baptism of blood). Catechumens and all those who, even without knowing Christ and the Church, still (under the impulse of grace) sincerely seek God and strive to do his will can also be saved without Baptism (Baptism of desire). The Church in her liturgy entrusts children who die without Baptism to the mercy of God.
Baptism takes away original sin, all personal sins and all punishment due to sin. It makes the baptized person a participant in the divine life of the Trinity through sanctifying grace, the grace of justification which incorporates one into Christ and into his Church. It gives one a share in the priesthood of Christ and provides the basis for communion with all Christians. It bestows the theological virtues and the gifts of the Holy Spirit. A baptized person belongs forever to Christ. He is marked with the indelible seal of Christ (character).
The name is important because God knows each of us by name, that is, in our uniqueness as persons. In Baptism a Christian receives his or her own name in the Church. It should preferably be the name of a saint who might offer the baptized a model of sanctity and an assurance of his or her intercession before God.
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