He is survived by his wife, three sons and four daughters.
Magan's son Dinesh Insan said the incident happened after he completed his morning walk on the terrace and was about to climb down the staircase.
"He (Magan) lost his balance while trying to climb down the stairs and slipped. He was injured and we immediately rushed him to hospital where the doctor said that my father died of heart attack triggered by the shock of the fall," Dinesh added.
The last rites of the former MLA will be performed today evening. Instead of being cremated, he will be buried as per his wishes.