Unless you are in a hostile environment, if the chip light comes on you must land as soon as practice and unless you are cleared by engineering and have the tools, locking wire etc you are grounded until they take a look for you. The engine and gauges will give you no clue whilst performing a visual, if you had a large break up going on and the engine failed you would not be insured if the worst happened. Remember a helicopter will talk to you before if dies a nasty...usually a chip light is one of those signs