Now, I am not trying to incite hysteria and Instagram does insist that these measures are designed to combat SPAM, not to monetize your images but since a few of you have asked, here is a quick walk thru of the steps to close/ delete your Instagram account.
Log in to your account
If it is for privacy reasons, please indicate this. There are other options as well and you can say ‘other’ to avoid committing to a specific reason.
There are two more confirmation windows – do read the info there as you will not have access to your photos or be able to open a new account using the username of this account.
Links to articles on the change to Instagram’s Terms of Service: http://bits.blogs.nytimes.com/2012/12/17/what-instagrams-new-terms-of-service-mean-for-you/