Heat oil over medium-high heat in a non-stick skillet. Add chicken; cook and stir until cooked through (no longer pink in the center). Transfer chicken to a bowl.
Stir diced onion, carrot, and celery into the pan; cook, stirring occasionally until vegetables start to soften, about 5 minutes. Season with salt and pepper. Stir in water and Knorr(R) Rice Sides(TM) - Chicken flavor. Bring to a simmer over high heat; reduce to medium-low; cover and simmer 7 minutes.
Stir in cooked chicken, basil, and shredded Cheddar cheese.