I received a mail (risk-safety.com blog) about Treatment of Value of Life and Injuries in Preparing Economic Evaluations is mentioned in an article of DOT in link given below:
http://ostpxweb.dot.gov/policy/reports/080205.htm
According to it, best present estimate of the economic value of preventing a human fatality is $5.8 million. One can go through the above link for factual information and basis for arriving at this value.
I have put it in this blog as I am sure, this will help organizations in risk assessment and reduction measures. I thank the people who arrived at this value and those who spread the information for saving valuable human lives.