The eight-player event is the final tournament of the 2007 WTA Tour season.
The top-seeded Henin defeated seventh-seeded Chakvetadze 6-1, 7-6 (7-4) in 1 hour, 22 minutes. Chakvetadze, a U.S. Open semifinalist, committed 30 unforced errors.
Henin, a Belgian who is the defending champion, beat France's Amelie Mauresmo in last year's finale.
Henin has already clinched the year-end top ranking for a second straight season and for the third time in five years. The seven-time major titlist won this year's U.S. and French Open titles and is on a 21-match overall winning streak.
The 2007 Champion will collect $1 million.