The award, named after Dadasaheb Phalke - often termed the father of Indian cinema - will be conferred on Pran on May 3. The day will also mark the 100 years of cinema.
Pran, who has acted in over 400 films in his six-decade-long career, retired from acting in 1998. Beginning his career as a hero in 1940 with Yamala Jat, Pran went on to achieve fame as a villain in numerous films, including classics like Milan, Madhumati and Kashmir Ki Kali.
Such was the magic of Pran's unique on-screen villainy, that at the height of his fame as an actor, parents stopped naming their children 'Pran'.
He later favoured character roles, playing the friend, beloved father and grandfather in movies such as Amitabh Bachchan starrer Zanjeer, Upkaar and Parichay.
The announcement about honouring the 93-year-old actor was welcomed by his son, Sunil Sikand.
When contacted, Sunil told PTI: "It is an amazing thing. We are happy and honoured."
When asked whether the honour came too late for the veteran actor, Sunil said, "I don't want to get into all these details. We are happy with the award. My father is watching the news on TV right now."
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