Press Sauté; heat oil in Instant Pot. Add sausage; cook about 6 Minutes or until browned. Remove to plate. Add chicken to pot in batches; cook about 8 Minutes or until browned on both sides. Remove to plate.
Add onion to pot; cook and stir 3 Minutes or until softened. Add garlic; cook and stir 30 Seconds. Add rice, bell pepper, carrots, salt, black pepper and saffron, if desired; cook and stir 3 Minutes. Stir in broth, scraping up browned bits from bottom of pot. Return chicken and sausage to pot, pressing chicken into liquid.
Secure lid and move pressure release valve to Sealing position. Press Pressure Cook or Manual; cook at High Pressure 7 Minutes.
When cooking is complete, use quick release. Remove chicken to clean plate; tent with foil.
Stir peas into rice mixture; cover and let stand 2 Minutes or until peas are heated through. Serve chicken over rice mixture.