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.