Jeetendra, 74, will be given Raj Kapoor Lifetime Contribution Award and the 59-year-old "Virasat" star will receive the Raj Kapoor Special Contribution Award, Maharashtra Cultural Affairs Minister Vinod Tawde said in a statement.
The lifetime award carries a citation, a trophy and a cash prize of Rs 5 lakh while the special contribution award carries a citation, a trophy and a cash prize of Rs 3 lakh, it said.
The award ceremony will be held here on April 30.
Anil made his Hindi film cameo appearance with Umesh Mehra's "Hamare Tumhare" in 1979 before gaining prominence with the hit "Tezaab".
Jeetendra, who featured in popular films like "Himmatwala", "Tohfa" and "Dharam Veer", was last seen in a cameo appearance in Shah Rukh Khan's "Om Shanti Om".