The Hong Kong-born actress expressed her excitement at the Barbie 'I Can Be a Movie Star' product launch on Wednesday.
"It's a very special day,'" Kaif told The Times of India.
"This is a huge honour to have something like this on your name. I hope everyone likes the doll. The whole thing is very exciting."
The former model launched the doll wearing the same coloured satin dress as the plastic figure, which was launched to celebrate the 50th anniversary of the iconic doll range.
Kaif conceded however, that the Barbie figure is not an exact likeness.
"It's a small doll and there was no intention of changing its features, so it does not resemble me completely," said the star.