Lagoo died of a cardiac arrest in the early hours of the morning at the Kokilaben Dhirubhai Ambani Hospital.
She was admitted to the hospital late last night after she complained of chest pain, the hospital's Executive Director Ram Narain told PTI.
She is survived by her daughter Mrunmayee, who is also a theatre and film actress as well as theatre director.
Lagoo's son-in-law Vinay Waikul told PTI, "She was complaining of chest pain so we took her to the hospital at around 1 AM. She passed away due to a heart attack around 3.15 AM.
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At the age of 30, she worked in Mansoor Khan's "Qayamat Se Qayamat Tak", where she portrayed Juhi Chawla's mother Kamla Singh.
The prolific actress soon became synonymous as the affectionate and genial mother. From Salman Khan and Shah Rukh Khan to Govinda and Madhuri Dixit, Lagoo played mother to all the top actors and actresses of the Hindi film industry on the silver screen.
On television, Lagoo was popular for playing spirited characters like Kokila (Koki) and Devki Verma on "Shrimaan Shrimati" and "Tu Tu Main Main", respectively.
Lagoo also appeared in films like "Saajan", "Vaastav, "Kuch Kuch Hota Hai", "Hum Saath-Saath Hain", "Deewana Mastana", "Yes Boss", and "Main Prem Ki Diwani Hoon".
Her acting career spanned four decades. She was last seen on the television show "Naamkaran", which aired on Star Plus.
Celebrities like Karan Johar, Priyanka Chopra, Rishi Kapoor, Mahesh Bhatt and Boman Irani mourned the sudden demise of the actess.
"RIP #ReemaLagoo such a loss to art and cinema. You are and will always be our favourite screen mom. My condolences to the family," said Chopra.
Kapoor, who collaborated with Lagoo in "Prem Granth" and "Henna", tweeted, "RIP. Worked in quite a few films. Reema Lagoo. Good friend. Heartfelt condolences."
Irani posted, "Our very dear Reema Lagoo is no more. Always kind, funny and loving. Saddened. RIP #ReemaLagoo"
Bhatt, who wrote "Naamkarann", told PTI, "When a friend passes away one is hurled into deep silence. I cannot forget the last goodbye we said to each other where we promised to see each other on the sets of 'Naamkarann' soon.
"Shocked and saddened. Reema Lagoo ji will be missed. She will always be remembered for her iconic roles in cinema and on stage. RIP," Riteish Deshmukh wrote.
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