What if an I-pill is taken thrice a month.. is there any serious side effects on hormones...
Will it effect the future pregnancy or baby's health?

What you believe depends on which site you read - I am reading it is dangerous. Side Effects of iPill (http://lexindica.hubpages.com/hub/What-Are-Side-Effects-of-i-Pill)

Rather than risk your health 3 times a month wouldn't it be easier and safe to practice safe sex?

Hi, I-pill is an emergency contraceptive pill and should not be taken so frequently. Since I-pill is a high dose hormone it may interfere with normal hormonal cycle but I do not think it can affect future pregnancy or baby's health.