The internet cried complaining about the changes which would enable Facebook to finally monetize the photo sharing platform.
Instagram responded by making some changes. But the basic point remains that the changes are not favorable to the user of the service.
In any case, the company has now sent a reminder to their users that the new terms and policies are going to be effective from January 19.
If you are not happy with the changes, this would be a good time to backup your data and delete your account.