At a press conference here, Health Minister Satyendar Jain said the scheme would also cover the victims of fire- related incidents on streets.
The scheme was approved in a Cabinet meeting which was chaired by Chief Minister Arvind Kejriwal.
It will now be sent to Delhi Lieutenant Governor Anil Baijal for approval.
"The move is aimed at saving lives of such people during the golden hour after a road accident," Jain said.
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If an acid attack happens on streets, such victims would also be covered, he said.
Jain claimed that 8,000 accidents occur on Delhi roads every year, affecting 15,000-20,000 people, and about 1,600 people die per year due to road accidents.
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