Wash the peaches very well and peel them. Slice the peaches in medium or small sized pieces, discard the pits.
Transfer the sliced peaches to the inner pot of the instant pot. Also add the filtered lemon juice (make sure there are no seeds) and sugar to the pot, mix everything well.
Close the instant pot with lid in sealing position, press manual and cook in high pressure for 12 minutes. Once the cooking is done, press 'keep warm/cancel' button and wait for a natural pressure release.Once the pressure is all released naturally, carefully open the lid by turning the lid slowly to the venting position. Stir the contents and mash the contents carefully (it will be very hot at this point) using a potato masher or a good ladle. Press the saute function, simmer the contents in high while you continue to mash the contents and stir the contents as needed.
Simmer for about 8 minutes or until almost all extra water is evaporated, make sure to stir as needed so the contents won't burn at the bottom of the pot. Also do not overcook, as the jam will thicken as it cools down so its ideal to stop the cooking once its slightly thickened and the extra water is evaporated, but its still of a slightly runny consistency.
Once done enough simmering, press the keep warm/cancel button to stop the saute function and immediately transfer the pot (carefully as its hot so it won't get cooked further). This step is very important as we do not want to overcook the contents.
Once the jam is slightly cooled, you can transfer the jam to air tight glass jars and store refrigerated for about a week.