In a large saucepan of 1 1 /2 cups water, cook rice according to package instructions; set aside.
Season chicken with 1 teaspoon salt and 1/2 teaspoon pepper.
Heat olive oil in a large stockpot or Dutch oven over medium heat. Add chicken and shallot, and cook, stirring occasionally, until chicken is evenly browned, about 6-8 minutes.
Stir in tomato paste, red curry paste, garlic and ginger until fragrant, about 2 minutes.
Stir in coconut milk and chicken stock; season with salt and pepper, to taste. Bring to a boil; reduce heat and simmer until slightly reduced, about 7-10 minutes.
Stir in bell peppers until softened, about 5-8 minutes.
Stir in cilantro, basil and lime juice; season with salt and pepper, to taste.
Serve warm over rice.
Notes
Use long grain rice. Long grain rice, such as jasmine rice or basmati rice, will stay light and fluffy, soaking up the rich coconut curry sauce without becoming mushy or clumping together.
Use your favorite protein. This recipe will work well with chicken thighs, chicken breasts, shrimp or tofu.
Full fat coconut milk will be creamier. Although lite coconut milk can certainly be used, full fat coconut milk will yield a much more rich and creamy sauce.
Make it thicker. Simmer for longer, stirring occasionally to prevent burning, for a thicker curry sauce.
Mix it up. Swap the red curry paste for green, add in more veggies (potatoes, cabbage, zucchini, mushrooms or bok choy) or serve over rice noodles or naan bread instead of rice.