diff --git a/helm-toolkit/templates/snippets/_kubernetes_metadata_labels.tpl b/helm-toolkit/templates/snippets/_kubernetes_metadata_labels.tpl
index f67bfaf28..7faadd932 100644
--- a/helm-toolkit/templates/snippets/_kubernetes_metadata_labels.tpl
+++ b/helm-toolkit/templates/snippets/_kubernetes_metadata_labels.tpl
@@ -16,22 +16,45 @@ limitations under the License.
 
 {{/*
 abstract: |
-  Renders a set of standardised labels
+  Renders a set of standardised labels as per:
+    https://docs.helm.sh/chart_best_practices/#standard-labels
 values: |
   release_group: null
 usage: |
   {{ tuple . "foo" "bar" | include "helm-toolkit.snippets.kubernetes_metadata_labels" }}
 return: |
-  release_group: RELEASE-NAME
-  application: foo
-  component: bar
+  helm.sh/chart: "CHART-NAME-CHART-VERSION"
+  app.kubernetes.io/managed-by: "Tiller"
+  app.kubernetes.io/instance: "RELEASE-NAME"
+  app.kubernetes.io/version: "APP-VERSION"
+  app.kubernetes.io/name: "foo"
+  app.kubernetes.io/component: "bar"
+  release_group: "RELEASE-NAME"
+  application: "foo"
+  component: "bar"
 */}}
 
+{{/* TODO: Remove old deprecated labels after an appropriate migration period */}}
 {{- define "helm-toolkit.snippets.kubernetes_metadata_labels" -}}
 {{- $envAll := index . 0 -}}
-{{- $application := index . 1 -}}
-{{- $component := index . 2 -}}
-release_group: {{ $envAll.Values.release_group | default $envAll.Release.Name }}
+{{- $chart := print $envAll.Chart.Name "-" $envAll.Chart.Version | replace "+" "_" | quote -}}
+{{- $_application := index . 1 -}}
+{{- $partOf := $envAll.Values.part_of | default $_application | quote -}}
+{{- $application := $_application | quote -}}
+{{- $component := index . 2 | quote -}}
+{{- $instance := $envAll.Values.release_group | default $envAll.Release.Name | quote -}}
+{{- $version := $envAll.Chart.AppVersion -}}
+{{- $managedBy := $envAll.Release.Service | quote -}}
+helm.sh/chart: {{ $chart }}
+app.kubernetes.io/managed-by: {{ $managedBy }}
+app.kubernetes.io/instance: {{ $instance }}
+{{- if $version }}
+app.kubernetes.io/version: {{ $version }}
+{{- end }}
+app.kubernetes.io/name: {{ $application }}
+app.kubernetes.io/component: {{ $component }}
+app.kubernetes.io/part-of: {{ $partOf }}
+release_group: {{ $instance }}
 application: {{ $application }}
 component: {{ $component }}
 {{- end -}}