There are a lot of rumors about this.Jio hasn't confirmed about it but there are chances.
And that modem is not worth the price!Jio is not getting 3G towers any time soon. They are calling themselves 3G compactable with the hotspot.
Some hacks can risk your phone's modem.But i see some hacks that will help to use Jio sim on 3g phones. Is it worth checking?