Yes, JioPhone does have the alarm and Indian calander, too.
Yes, You can use a MicroSD card up to 64GB in the JioPhone.
We suggest JioFi is a better option. Because -
01) JioPhone is slightly cheaper than the standard price of JioFi.
02) You cannot make voice calls direct from the JioFi but you can make voice calls direct from JioPhone - either from the Jio sim card or your regular sim card.
03) JioPhone can serve as a perfect standby phone as it has dual sim card slot and a memory card slot also.
04) You can use JioPhone direct to watch youtube videos, listening FM radio while traveling but in case of JioFi direct usage is not possible. You have to connect the JioFi to your main device.
But JioFi has 2700 mAh battery while JioPhone has 2000 mAh battery capacity.
JioPhones comes with 4GB Internal Memory - so just like a normal Android smartphone, you can save as many contacts depending on the free space in your phone. In practial sense, you can store unlimited contacts.