Step 1 — Blend the luxury base: In a blender, combine the soaked cashews, shredded coconut, tomato puree, chopped onion, ginger garlic paste, raisins, and honey with ½ cup of the water. Blend until completely smooth and creamy — this paste is the soul of the dish, so don't rush it. Set aside.
Step 2 — Bloom the whole spices: Set the Instant Pot to Sauté (Normal). Melt 2 tablespoons of ghee, then add the cardamom pods, cinnamon stick, cloves, and bay leaf. Sizzle for 30–45 seconds until deeply fragrant. Stir in the ground coriander, turmeric, and half the garam masala; cook 20 seconds more.
Step 3 — Sear the chicken: Add the chicken pieces, salt, white pepper, and lemon juice. Sauté for 4–5 minutes, turning, until the pieces are lightly golden at the edges. Pour in the blended cashew-coconut paste and the remaining 1 cup of water. Stir well, scraping up any browned bits from the bottom (this prevents the Burn warning).
Step 4 — Pressure cook with rice on top: Cancel Sauté. Place a tall trivet over the korma. In a heat-safe bowl that fits inside the pot, combine the rinsed basmati rice, 1¼ cups water, salt, and ghee; set the bowl on the trivet. Lock the lid, set the valve to Sealing, and pressure cook on High for 8 minutes. Let pressure release naturally for 10 minutes, then quick-release the rest.
Step 5 — Finish the gravy: Remove the rice bowl and trivet; fluff the rice and set aside. Switch the pot back to Sauté (Low). Stir in the whisked yogurt a spoonful at a time, then the heavy cream, the remaining ½ teaspoon garam masala, and the saffron milk if using. Simmer gently for 3–4 minutes until the gravy is velvety and coats the back of a spoon. Taste and adjust salt. Fish out the whole spices or leave them in for the table — your call.
Step 6 — Serve: Ladle the korma into bowls, drizzle with cream, and garnish with sliced almonds and cilantro. Serve with the pot-in-pot basmati rice — or warm naan for mopping up every drop of that royal gravy.