GIP (Group Income Protection)

Category: Group risk fundamentals · Reviewed by Matt Bartlett, Director · Founder · Last reviewed 2026-06-10

GIP is the standard UK group risk market abbreviation for Group Income Protection. The terms are interchangeable. See the principal entry, group income protection, for a full description of the product, its tax treatment under ITEPA 2003, and its regulatory framework under the FCA Handbook.

Category: Group risk fundamentals Also known as: Group Income Protection Related concepts: Group income protection, Permanent Health Insurance

Definition

GIP is the abbreviation used by insurers, intermediaries and the trade body Group Risk Development (GRiD) to refer to group income protection. The historical antecedent of GIP was permanent health insurance (PHI), and the older term is still occasionally used for individual policies though has largely been retired by the group market.

Legal / Regulatory basis

See group income protection for the regulatory framework. GIP is regulated under ICOBS of the FCA Handbook for distribution, with benefits treated under the Income Tax (Earnings and Pensions) Act 2003.

Scope of cover

See group income protection. The product covers monthly income replacement after a deferred period for incapacity satisfying the policy definition.

Practical example

An employer’s HR director says “we are putting GIP in place for the workforce”. The intermediary understands this to mean a group income protection scheme, typically at 60–75% of salary with a 26-week deferred period.

See also

• Group income protection
• Deferred period group IP
• Permanent Health Insurance

References

1. Group Risk Development (GRiD), Group Risk Market Report 2025
2. Income Tax (Earnings and Pensions) Act 2003 — https://www.legislation.gov.uk/ukpga/2003/1
3. Financial Conduct Authority, FCA Handbook, ICOBS — https://www.handbook.fca.org.uk/handbook/ICOBS/

This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-10. Next review: 2026-12-10.

Apex Insurance Brokers Limited. Authorised and regulated by the Financial Conduct Authority, FRN 724952. Registered in England and Wales, Companies House 07014570. This entry provides general information about UK insurance concepts and is not regulated advice. Consult your insurance broker on your specific position.