Yes, JioPhone does support the Marathi language.
Yes, JioPhone does have a dedicated audio player and you can play your favorite MP3 tracks over it.
Yes, JioPhone does support Live TV. You just need to select the channel, which you want to watch and hit the button "play".
Unlimited. JioPhone comes with 4GB Internal Memory - so, you can store as many contacts as you want, depending on the free memory on the phone.