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Cut 4 boneless skinless chicken breast halves into 1-inch pieces. Place in medium bowl.
Stir together 2 teaspoons curry powder, ½ teaspoon salt, ½ teaspoon pepper and ¼ teaspoon chili powder. Sprinkle over chicken, tossing to coat evenly.
Cover and chill for 1 to 2 hours.
In a large nonstick frying pan, heat 1 tablespoon olive oil over medium-high heat. Cook 1 medium red onion, 1 tablespoon dried basil, ¼ teaspoon ground ginger, 5 cloves garlicand 1 jalapeno pepper until onion is translucent.
Add chicken and remaining ½ teaspoon salt and cook for 5-6 minutes until chicken is no longer pink.
Combine 1 14 oz. can coconut milk (regular or light), ½ cup cream and 1 tablespoon cornstarch and whisk well to combine.
Carefully add to skillet, whisking vigorously.
Cook and stir until slightly thickened and bubbly. Simmer for an additional 5-10 minutes. Serve over 3-4 cups hot cooked rice.