A turning insert comprising: opposite first and second surfaces (12, 14); a peripherally extending peripheral surface connecting and extending perpendicular to the first and second surfaces; a peripheral edge formed at an intersection of the peripheral surface and the first surface, the peripheral edge having at least one corner (18A, 18B, 18C, 18D) comprising a corner radius C; a cutting edge formed along at least a portion of the peripheral edge, and extending along the corner radius as well as first and second edge portions (22A, 22B) connected to and extending from different sides of the corner; a bisector plane perpendicular to the first and second surfaces and bisecting the corner radius; a bisector point defined at an intersection of the cutting edge and the bisector plane; a horizontal plane perpendicular to the peripheral surface and intersecting the bisector point; a downward direction directed perpendicularly from the horizontal plane towards the second surface; an upward direction opposite to the downward direction; an inward direction directed into the insert from an intersection of the bisector plane and the peripheral surface; and a chip forming arrangement formed at the first surface, adjacent to the cutting edge, and consisting of a single, continuous v-shaped groove extending on both sides of the corner radius, in a top view; the groove comprising: a curved groove portion adjacent the corner radius, and two straight extension portions (28A, 28B) connected to either side of the curved groove portion; a descending surface extending directly from the cutting edge in a downward-inward direction to a lowest point of the groove; and an ascending surface extending from the lowest point in an upward-inward direction to a highest point; wherein along the bisector plane: the lowest point is a first horizontal distance from the bisector point, fulfilling the condition 0.50mm ≤ D1 ≤ 1.20mm; the lowest point is a first vertical distance downward from the horizontal plane, fulfilling the condition 0.15mm ≤ H1 ≤ 0.30mm; and the highest point is a second horizontal distance from the bisector point, fulfilling the condition 1.10mm ≤ D2 ≤ 1.70mm. opposite first and second surfaces (12, 14); a peripherally extending peripheral surface connecting and extending perpendicular to the first and second surfaces; a peripheral edge formed at an intersection of the peripheral surface and the first surface, the peripheral edge having at least one corner (18A, 18B, 18C, 18D) comprising a corner radius C; a cutting edge formed along at least a portion of the peripheral edge, and extending along the corner radius as well as first and second edge portions (22A, 22B) connected to and extending from different sides of the corner; a bisector plane perpendicular to the first and second surfaces and bisecting the corner radius; a bisector point defined at an intersection of the cutting edge and the bisector plane; a horizontal plane perpendicular to the peripheral surface and intersecting the bisector point; a downward direction directed perpendicularly from the horizontal plane towards the second surface; an upward direction opposite to the downward direction; an inward direction directed into the insert from an intersection of the bisector plane and the peripheral surface; and a chip forming arrangement formed at the first surface, adjacent to the cutting edge, and consisting of a single, continuous v-shaped groove extending on both sides of the corner radius, in a top view; a curved groove portion adjacent the corner radius, and two straight extension portions (28A, 28B) connected to either side of the curved groove portion; a descending surface extending directly from the cutting edge in a downward-inward direction to a lowest point of the groove; and an ascending surface extending from the lowest point in an upward-inward direction to a highest point; the lowest point is a first horizontal distance from the bisector point, fulfilling the condition 0.50mm ≤ D1 ≤ 1.20mm; the lowest point is a first vertical distance downward from the horizontal plane, fulfilling the condition 0.15mm ≤ H1 ≤ 0.30mm; and the highest point is a second horizontal distance from the bisector point, fulfilling the condition 1.10mm ≤ D2 ≤ 1.70mm.