Mr Jain breathed his last at 4.10 pm at Lilavati hospital due to multiple organ failure, sources close to him said.
Mr Jain was shifted from Wockhardt Hospital in Nagpur few days back to Mumbai by a chartered air ambulance for treatment at Lilavati Hospital in Bandra.
The music composer was suffering from a urinary infection causing a problem in his kidney, sources said.
He was in Nagpur for a concert on Sunday, but could not participate because of his ill-health and was subsequently airlifted to Mumbai. He was kept in the ICU at Lilavati and was on ventilator.
Mr Jain, who overcame blindness to become one of the most successful composers, gave music for hit films like Chor Machaye Shor, Geet Gaata Chal, Chitchor and Ankhiyon Ke Jharokhon Se, in the 70s.
He was given a big break by Raj Kapoor, for whom he composed super hit songs in movies such as Ram Teri Ganga Maili, Do Jasoos, and Heena, which was directed by Randhir Kapoor.
During the 1980s and 1990s, Mr Jain widely composed music for many mythological movies and television serials.
He is survived by his wife Divya and son Ayush.
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