The company said Monday that the money was coming from the Boeing Financial Assistance Fund, which consists of $100 million pledge by Boeing in July "to address family and community needs of those affected by the tragedies."
The remaining $50 million will go toward supporting education and economic empowerment of communities impacted by the Lion Air Flight 610 and Ethiopian Airlines Flight 302 crashes that killed almost 300 people.
The money equals about $144,000 per family, which Nomaan Husain, an attorney representing 15 of the families, said "doesn't come close to compensating" the victims' families, the BBC reported.
"This is not something that is going to satisfy the families," he said. "The families really want answers."
The 737 Max has been grounded worldwide since Ethiopian Airlines Flight 302 crashed in March, killing 157 people on board. In October, 189 people died when Indonesian Lion Air Flight 610 crashed shortly after takeoff.
The cause of the accidents has been blamed on a malfunctioning stall-prevention system. Before the plane can return to the skies, it must be cleared by the Federal Aviation Authority, which has said it will lift the aircraft's prohibition "when we deem it is safe to do so."
In a statement Monday, Boeing Company President and CEO Dennis Muilenburg said the tragedies "weigh heavily" upon the company and it extends its sympathies to the victims' families.
"The opening of this fund is an important step in our efforts to help affected families," he said.
