He was 63.
He is survived by wife, two sons and a daughter.
Jain breathed his last at a private hospital here late last night, his youngest son Anurodh Jain said.
Jain's last rites were performed in Rambagh Muktidham where his eldest son Manish lit the funeral pyre in the presence of a large number of people.
The Congress leader who was born on December 19, 1950, served as the Education Minister and also as the Chairman of the Madhya Pradesh State Road Transport Corporation (MPSRTC).