Hi @Ashitha S
I would highly recommend speaking to an Azure Sales about the pricing for your situation, but the following is a high level explanation of Azure backup + snapshots:
Contact Microsoft Azure Sales
https://azure.microsoft.com/en-us/contact/
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Azure Backup pricing
https://azure.microsoft.com/en-ca/pricing/details/backup/#pricing
Why and how to enable Azure Backup Instant Restore
The Instant Restore functionality is included in the base Azure Backup offering. There is an additional cost for snapshot use.
Cost impact (of snapshots)
https://learn.microsoft.com/en-us/azure/backup/backup-instant-restore-capability#cost-impact
Managed Disks pricing (in Canadian Dollars CAD)
https://azure.microsoft.com/en-us/pricing/details/managed-disks/
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If this is helpful please mark as correct answer.