Boeing will pay the families of passengers who died in two 737 MAX crashes $144,500 (AED 530,755) each.
The compensation will come from a $50 million fund, announced by the airline company in July this year.
The bereaved families have been asked to submit their claims before the year 2020.
The 737 MAX has been grounded since March after fatal crashes in Ethiopia and Indonesia.
"We continue to extend our deepest sympathies to the families and loved ones of all those on board," said Boeing CEO Dennis Muilenburg in a statement.