Lata, who has sung over 50,000 songs in her more than five-decade-long career in films, is being honoured for her contribution to the world of cinema.
French Ambassador to India Dominique Gerard will present the award to her next month in Mumbai.
Last month, Bollywood icon Amitabh Bachchan's name was announced for this honour. Veteran Bengali filmmaker Satyajit Ray is also a recipient of this prestigious award.