Rinse and soak the basmati rice in cold water for 15-30 minutes, then drain and set aside.
Turn on the Instant Pot to sauté mode and heat the oil for about a minute.
Add cumin seeds and wait until they start to toast slightly, then toss in the cardamom pods, cloves, bay leaf, and cinnamon stick. Stir quickly to combine.
Add the chopped onion and cook, stirring occasionally, until the onion turns golden brown, about 6 to 7 minutes.
Mix in the soaked rice, peas, measured water, and salt, making sure everything is evenly combined.
Seal the Instant Pot lid and set the pressure valve to the sealing position. Cook on high pressure for 6 minutes.
Let the pressure release naturally for 10 minutes, then carefully open the valve to release any remaining pressure.
Gently fluff the pulao with a fork and serve warm.