The award aims at recognise women who have achieved success and emerged as role models.
"It's an achievement in itself to be able to honour legends like Hemaji and Jayaji", said Dinesh Kumar of Dinesh Telefilms, organiser of the awards.
Apart from Hema and Jaya, TV actress Juhi Aslam, popularly known for her role as Bharti, a dwarf girl, in Imagine TV's "Baba Aiso Var Dhoondo", beauty expert Vandana Luthra and producer-actress Deepti Bhatnagar will be honoured.
Actress Zohra Sehgal, 99, will be honoured with the lifetime achievement award.
Chief Minister Sheila Dixit and Lok Sabha Speaker Meira Kumar would present the awards.
The guest list includes Raj Babbar, Navin Jindal, Raju Kher, Suniti Yadav and Pradeep Jain, Union Minister of State for Rural Development.
The awards function will be held Nov 18 at Kamani Auditorium.