Warm the vegetable oil in a 4-quart saucepan over medium-high heat. Add the cubed chicken, chopped onion, and diced bell pepper. Sprinkle in the chili powder and ground cumin. Sauté the mixture, stirring frequently, until the chicken is thoroughly cooked and the vegetables become tender.
Integrate the white kidney beans, frozen corn, condensed cream of chicken soup, and water into the saucepan. Stir well and bring the mixture to a boil. Lower the heat, cover, and allow it to simmer gently for 5 minutes, stirring occasionally.
Once the chili has reached the desired consistency, sprinkle with shredded Cheddar cheese. Serve hot and enjoy this comforting dish.