Police Inspector Dayashankar (Govinda) is an officer who for any reason will not put his life in any danger. He has a very loving family, mother, father, brother, sister and a friend who means more to him than even his life Inspector Shiva (Aditya Pancholi). Jaichand (Raj Babbar) and Kari Anna (Mohan Joshi) run the city vast crime syndicate. Jaichand has a half crazy brother Tinu (Tinnu Anand) whom he loves more than his own life, Due to Tinu's bad behaviour there is a rift in the relationship between Jaichand and Kari Anna who now become enemies.
Suddenly into Inspector Dayashankar life comes Ritu (Shilpa Shetty) like a breath of fresh air. Both of them are immersed in their love for each other and even Dayashankar's parents are now ready to accept Ritu as their daughter-in-law. But one day in saving Police Commissioner Kaushik's (Saeed Jaffrey) life, Dayashankar is the victim of Billa's bullets and is taken to the hospital very badly injured.
During the process of his treatment the doctor tells Dayashankar he is suffering from blood cancer and has only 6 months to survive. This sudden twist of fate makes Dayashankar immediately takes out an insurance policy. He also takes out an accident policy so that if he dies on duty his family will benefit.
He now decides to confront all dangers but will killers like Billa be able to attack Dayashankar like they did Police Commissioner Kaushik? Dayashankar now gambles his life for any situation. Every breath of his is a dangerous gamble. Does this dare devil Gambler win the battle of life? Or does death claim this fearless Gambler?