Explanation about game/content ownership:
Free games are full, complete games, with trophies
Your free games won't disappear if your subscription runs out, however you cannot play them anymore. If you subscribe again you get access to ALL your PS+ content!
PS+ content is available for a limited time, varying from 1 to 3 months, some stay in the Store for a whole year. You can put these in your Download List and they're yours as long as your subscription is active.
Can I access my IGC games when my subscription runs out?
No, you'll have to resubscribe, but REMEMBER: the games you buy with a PS+ discount are yours forever and you can play them without a subscription.