The 16-second promo has started airing ahead of its full release on October 25.
The Vaibhavi Merchant-choreographed video was filmed in March this year at a number of locations across London.
Khan and Kaif can be seen performing in an underground club, which was filmed below the platforms and tracks of Waterloo Station at Leake Street.
Director Karan Johar is known to have visited the graffiti tunnel set in Lambeth during the filming of this section of the track.
Parts of the promo were completed in front of the Millennium Dome on the Greenwich peninsular. The actors can also be seen with a troupe of dancers on a barge on the river Thames.
'Ishq Shava' was originally rumoured to be the second song from the project, but Yash Chopra is said to have changed the order of release so that the track followed 'Saans' and 'Jiya Re'.
'Challa', the film's first song, was recently the most-viewed YouTube video worldwide of the week.
Jab Tak Hai Jaan is scheduled to release on November 13.
Watch the teaser below: