Instead, you hereby grant to Instagram a non-exclusive,
“Non-exclusive” means that while Instagram is getting a license, you are still free to license the photo to others as well.
This means Instagram doesn’t have to pay you anything in return for the license.
This means Instagram won’t have to pay you anything for it in the future.
This means Instagram can give this license to anyone they want. Getting nervous yet?
And so it goes on. You can read the full article here which should make you think about the T’s & C’s of all online services.