Instagram Mailed a change of policy three days back and what the new policy means for a user like you and me is explained very well here.
Ever since then there has been a backlash on the internet and the Instagram has responded with a detailed blog post here making a few clarifications as well saying that they will review and modify the new policy in best best interest of the company and its Users US.
While the new policy gets reviewed and updated, if you are a little not sure how things are going to end up, you might just want to move your pics from Instagram to Flickr or something similar using a site like Free the Photos and use an IFTTT recipie like this one so just in case you decide to delete your instagram account in the future, you can just safely delete the account with out worrying much as your pics are already backed up on Flickr. You can use any other photo sharing site instead of flickr, you just need to find the right service that can transfer the pictures from Instagram to your favorite photo sharing site.
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The new intellectual property policy, which takes effect on January 16, comes three months after Facebook completed its acquisition of the popular photo-sharing site. Unless Instagram users delete their accounts before the January deadline, they cannot opt out.