How to update Highend Theme plugins without losing custom meta data?

I recently applied an auto-update of the Highend theme, and the following message appears:

The following plugins need to be updated to their latest version to ensure maximum compatibility with this theme: Essential Grid and Visual Composer – Live Drag & Drop Page Builder.

I have custom Essential Grid meta data build into many posts and pages – I can not lose any of this data, fields or the Custom Grids that have been created. I also use the Visual Composer on all posts and pages.

How can I safely update these plugins? I know the standard practice is to remove the plugins, and then the Theme will prompt to reinstall, correct? If this is the correct procedure, please confirm I will not lose any of my current settings or data.

Thank you