The award was presented to the dancer and former Rajya Sabha member by P.C. Chandra Group managing director Prashant Chandra at a glittering function in the Science City auditorium here.
Chandra described Hema Malini as one of the greatest and successful actresses in the history of Indian cinema.
Resplendent in a saree and a shining neckpiece, the actress said the award is "more special to me as it has been given when Indian cinema is celebrating its centenary".
Since its inception in 1993, among those given the award are legendary singers Manna De and late Pandit Bhimsen Joshi, celebrated lyricist Gulzar, noted writer Mahasweta Devi and famous cricketer Sourav Ganguly.
Mumbai Roundup: 9 incidents that took place this week
Photos: Ajay Devgn, Parineeti, Tabu at 'Golmaal Again' trailer launch
Photos: Dipika Pallikal Karthik oozes oomph in bikinis and sarees
Photos: Kareena Kapoor Khan's grand birthday bash
Photos: 'Dangal' girls Sanya Malhotra, Fatima Sana Shaikh's dinner outing