No. You can use Instagram website but you cannot use the Instagram App on Jio Phone 2.
Yes, Jio Phone 2 comes with JioTV app. You can watch 400+ TV channels live.
No. Jio Phone 2 does not have the OTG support.
Yes, Jio Phone 2 comes with pre-loaded FM radio. You can even record songs which are broadcasted on FM radio.
Yes, Jio Phone 2 does support the Punjabi language.