NTUC Income has launched a $6 million assistance scheme to help elderly and low-income policyholders cope with premium increases during the current economic downturn.

About 77,000 Incomeshield policyholders will benefit from this year-long programme, most of whom hold plans pegged to B and C wards in hospitals.

Incomeshield is a form of lifetime medical insurance offered by NTUC Income, where premiums generally rise as policyholders age.

The firm's chief executive Tan Suee Chieh said on Wednesday that the assistance scheme 'would provide some relief to our policyholders facing hard times' during this financial crisis.

It is also a 'goodwill gesture by NTUC Income to acknowledge our customers' support over the years', he added.

Existing Incomeshield policyholders below the age of 61 will have their monthly premium increase capped at $5 or $10, depending on their wards.

Those aged 61 and above will enjoy annual subsidies from $55 to $211 depending on the plans that they hold.

In examples provided, NTUC Income showed that a 79-year-old female holding an Incomeshield standard C plan will enjoy a subsidy of $105, while a 66-year-old male will get $95 and a 51-year-old female will receive $5.

The subsidies are applicable for a year and not applicable to plans pegged to private and A wards.

Read the full story in Wednesday's edition of The Straits Times.