Microwave jam in medium microwave-safe bowl on HIGH for 1 minute, stirring occasionally until smooth. Add raspberries; slightly mash with fork. Set aside.

Beat cream in large mixing bowl with electric mixer on high until stiff peaks form (tips stand straight). Add sweetened condensed milk and vanilla. Beat on medium until combined. Fold in chopped white and milk chocolate bars.

Spread half of cream mixture in a 9×5-inch loaf pan. Spoon ⅔ cup raspberry mixture evenly over top. Layer with remaining cream mixture and remaining raspberry mixture. Gently swirl mixtures together with a knife. Cover and freeze 4 hours or until firm.

To serve, let stand at room temperature 5 minutes. Scoop mixture into cones, if desired.