diff --git a/charts/osm/Chart.yaml b/charts/osm/Chart.yaml
index dbf0f78e81..138966da5b 100644
--- a/charts/osm/Chart.yaml
+++ b/charts/osm/Chart.yaml
@@ -18,4 +18,4 @@ version: 0.1.0
 
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application.
-appVersion: latest
+appVersion: v0.3.0
diff --git a/charts/osm/values.yaml b/charts/osm/values.yaml
index 61c6f1d768..40a3055170 100644
--- a/charts/osm/values.yaml
+++ b/charts/osm/values.yaml
@@ -6,7 +6,7 @@ OpenServiceMesh:
   image:
     registry: openservicemesh
     pullPolicy: Always
-    tag: latest
+    tag: v0.3.0
   imagePullSecrets:
     - name: acr-creds
   sidecarImage: envoyproxy/envoy-alpine:v1.15.0
diff --git a/cmd/cli/install.go b/cmd/cli/install.go
index eb563da329..408b33ad93 100644
--- a/cmd/cli/install.go
+++ b/cmd/cli/install.go
@@ -121,7 +121,7 @@ func newInstallCmd(config *helm.Configuration, out io.Writer) *cobra.Command {
 
 	f := cmd.Flags()
 	f.StringVar(&inst.containerRegistry, "container-registry", "openservicemesh", "container registry that hosts control plane component images")
-	f.StringVar(&inst.osmImageTag, "osm-image-tag", "v0.2.0", "osm image tag")
+	f.StringVar(&inst.osmImageTag, "osm-image-tag", "v0.3.0", "osm image tag")
 	f.StringVar(&inst.containerRegistrySecret, "container-registry-secret", "acr-creds", "name of Kubernetes secret for container registry credentials to be created if it doesn't already exist")
 	f.StringVar(&inst.chartPath, "osm-chart-path", "", "path to osm chart to override default chart")
 	f.StringVar(&inst.certManager, "certificate-manager", defaultCertManager, "certificate manager to use (tresor or vault)")