Standard inner product on space $\mathbb{C}^{n}$ is defined as
$$
\langle a|b \rangle = \sum_{i=1}^{n} a_{i}b_{i}^{\dagger},
$$
where $b^{\dagger}$ is complex conjugate (i.e. for $x \in \mathbb{C}$: if $x = x_{re} + ix_{im}$ then $x^{\dagger} = x_{re} - ix_{im}$).
In your case $a_{1} = \cos(\theta)$ and $a_{2} = i\sin(\theta)$. Since you are interested in product $\langle a|a \rangle$, $a_{1}^{\dagger} = \cos(\theta)$ because it is a real number and $a_{2}^\dagger = -i\sin(\theta)$ you have
$$
\langle a|a \rangle = a_{1}a_{1}^{\dagger}+a_{2}a_{2}^{\dagger} = \cos^{2}(\theta) -i^{2}\sin^{2}(\theta) = \cos^2(\theta) + sin^{2}(\theta) = 1
$$
Alternatively you can use normalization condition $|a|^2+|b|^2 = 1$:
$$|a|^2 = |\cos(\theta)|^2 = \cos^{2}(\theta)$$
and
$$|b|^2 = |i\sin(\theta)|^2 = |i|^2|\sin^{2}(\theta)| = 1^2\cdot \sin^{2}(\theta)$$
And again you have $\cos^{2}(\theta) + \sin^{2}(\theta) = 1$.
Overall, your quatum state is properly defined.