Turn on the Instant Pot to saute. Add oil, onions, ginger/garlic masala and Thai red curry paste. Saute until onions are translucent (about 2 minutes). Press cancel.
Add the chicken and mix until the chicken is thoroughly covered.
Add bell pepper, sliced ginger, Thai basil, chicken broth, fish sauce and sugar. Stir to mix well.
Cook at High Pressure for 5 minutes. Natural release. Tip: To speed up natural release, please cold wet clothes on the metal parts of the lid. You may need to re-wet the clothes a couple of times as the Instant Pot dries them out.
Once the pressure has released, remove lid and turn onto saute. Add coconut milk and lime juice. Bring to a boil and stir thoroughly. Once it starts boiling, press cancel.
Serve. With the leftovers, either store in the refrigerator and eat the rest within 3 days or freeze.