A cutting insert for grooving operations with chip control features having an insert body with peripheral walls, sides and first and second end walls to define cutting edges within cutting edge regions and adapted for mounting in a pocket of a toolholder assembly. A land extends rearwardly from the end wall and defines a width. A descending wall initiates in the land and terminates in a floor having a forward, a rearward and opposed side edges. A back ramp extends upwardly from the floor rearward edge and terminates at the respective peripheral wall to define a cavity. A pair of projections extend longitudinally along the sides of the cavity to promote chip control and intersect with diagonal side ramps rearward of the cavity. The side ramps may be used to provide a chamfer on the edges of the machined groove.