Filmed under a waterfall, the scene is inspired by Mandakini's translucent wet sari sequence in Ram Teri Ganga Maili.
Director Atul Agnihotri commented: "We shot the love song 'Teri Meri Prem Kahaani' with Salman [Khan] and Kareena recently. Kareena looked absolutely stunning in the sari.
"The audiences will surely enjoy the song and fall in love with her all over again."
The romantic track between Kapoor and Khan was completed in a three-day schedule at Mumbai's Film City.
Choreographer and Just Dance judge Vaibhavi Merchant worked with the actress on the production.
Mandakini retired from acting in 1999, marrying a Buddhist monk and becoming involved with the Tibetan movement in India.
Bodyguard, which unveiled its first teaser last month, is scheduled to release August 31.