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no, it won't. your plan will still continue unless you will request for it to be disconnected but the contract will no longer be there so it means that you can cancel your account anytime with no pretermination fee. I'm not sure though if tou can retain your number as a prepaid service since prepaid services have different set of numbers.
No, your plan will still be classified as Postpaid and you will still be able to continue using your current plan even after your contract expire. Your plan will only stop if you request to discontinue or terminate it and this can be done by calling the hotline.