Any settlement with insurance will cost you 40% of what the Court will grant you, it is huge amount. The compensation the court will grant can reach 1Cr with interest and other benefits. There will be many components under which  you will get compensation from Court. Go for compensation through Court.

The tribunal while determining the quantum of the compensation can take the income of the deceased as on the date of the accident/death.

The claimants who are fully dependent on the deceased for their survival can make claim for compensation based on the age factor of the deceased as well. 

“Section 166. Application for compensation.­ (1) An application for compensation arising out of an accident of
the nature specified in sub­section (1) of section 165 may be made­
(a) by the person who has sustained the injury; or
(b) by the owner of the property; or
(c) where death has resulted from the accident, by all or any of the legal representatives of the
deceased; or
(d) by any agent duly authorised by the person injured or all or any of the legal representatives of the deceased, as the case may be.

The Tribunal has a duty to make an award, determine the amount of compensation which is just and proper.

If the e evidence on record would suggest that the claimants were dependent  on the income of the  deceased persons income as shown in the petition,  the tribunal can determine the compensation based on the net income of the deceased persons. 

Loss of dependency due to loss of income may be calculated accordingly. 

Courts have devised certain principles known as multipliers by which the compensation is calculated. Let the court decide the compensation amount.

You can get the settlement done with court. It depends on your mutual agreement

- The said income and their respective ages can be adopted by the Tribunal at the time of calculating the compensation 

- However, it depend upon the discretion of the court after perusing the situation and other circumstance , and there may be also a settlement as well.