Well-known poet O N V Kurup presented the award with a cash reward of Rs 33,333, a memento and citation.
Jacob was chosen for the award, instituted in memory of film director and playwright Thoppil Bhasi, considering his overall contributions in the field of journalism.
"A real journalist should be able to act beyond his personal and political interests. They should keep up ethics and dedication in their profession throughout the career," Kurup said.
CPI state secretary and chairman of the Thoppil Bhasi foundation Pannian Raveendran was also present.