Pran's condition was frail since the past few months, when he was in and out of the hospital multiple times. He was reportedly last admitted to the Lilavati Hospital just a week back.
"He passed away at Lilavati Hospital at around 8.30. p.m.," his son Sunil told IANS.
The last rites of the veteran actor, who was a recipient of the coveted Dadasaheb Phalke award, will be conducted Saturday at 12 p.m. at the Shivaji Park.
In a career of over six decades, Pran acted in over 400 movies.
Pran was chosen to receive the 44th Dadasaheb Phalke Award for Lifetime Achievement. He couldn't travel to Delhi to collect the award at the 60th National Film Awards ceremony, but he was especially honoured at his residence with Information and Broadcasting Minister Manish Tewari reaching there to confer the award.
The actor started his career as a photographer in 1940, but it was a chance meeting with a film producer that landed him his debut role in a film called "Yamla Jat".
Later, when he moved from Lahore to Bombay, with the help of the renowned writer Saadat Hasan Manto and actor Shyam, Pran got a break in Bombay Talkies' film "Ziddi", in which Dev Anand played the lead role.
That set the momentum for this versatile talent, who brought new mannerisms and style and lent new dimensions to his characters.
He played the villain as convincingly in films like "Madhumati", "Ziddi" and "Ram Aur Shyam", with the same ease with which he slipped into character roles like the lovable Malang Chacha in "Upkar".
Among his memorable movies are "Azaad", "Madhumati", "Devdas", "Dil Diya Dard Liya", "Ram Aur Shyam", "Aadmi", "Ziddi", "Munimji", "Amardeep", "Jab Pyar Kisise Hota Hai", "Chori Chori", "Chhalia", and "Zanjeer".