The award is instituted by the Hridayesh Arts, a city-based socio-cultural organisation.
Megastar Amitabh Bachchan will present her the award on her 82nd birthday, September 28.
Avinash Prabhavalkar, chairman of the Hridayesh Arts, said the organisation was founded on October 26, 1990, the 53rd birthday of Pandit Hridaynath Mangeshkar, Lata`s younger brother and renowned music composer.
Hridaynath will be entering the 75th year of his life this year and Hridayesh Arts wanted to mark it by instituting a lifetime achievement award, which will be given every year on his birthday, he added.
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