Preheat your Instant Pot on Sauté mode. Drizzle in the olive oil and season the chicken breasts with paprika, garlic powder, kosher salt, and freshly ground black pepper. Sear for about 3 minutes per side until a golden crust forms. Remove the chicken and set aside.

Add the chopped onion, carrot, and red bell pepper to the pot, sprinkling in a pinch of salt. Stir occasionally and sauté until the veggies soften, about 4-5 minutes. Next, toss in the minced garlic and dried oregano, cooking until fragrant (about 1 minute).

Pour in the low-sodium chicken broth, ensuring to scrape up any browned bits from the bottom of the pot with a wooden spoon.

Gently stir in the rinsed basmati or white rice, along with any remaining broth. Make sure everything is well combined, and taste to adjust seasoning if needed.

Carefully return the seared chicken (and its drippings) back to the pot. Set your Instant Pot to Pressure Cook on High for 4 minutes.

Once the cooking time is complete, allow the pressure to release naturally for 10 minutes. After that, if you have any remaining pressure, you can manually release it before opening the lid.

Slice the chicken into bite-sized pieces, fluff the rice with a fork, and garnish with fresh parsley. Serve warm and enjoy this comforting meal!