He had been suffering from heart ailments and been to hospitals several times for treatment during the past two years.
A two-term MP from Krishnanagar and MLA from Alipore, he is survived by his daughter and wife.
Paul remained away from films after CBI arrested him in the Rose Valley chit-fund scam in December 2016 and was given bail after 13 months.
A romantic hero, having endeared himself to the Bengali audience since his debut film Dadar Kirti in 1980, Paul became a known household name because of his lead roles in Saheb (1981), Parabat Priya (1984), Bhalobasa Bhalobasa (1985), Anurager Choyan (1986) and Amar Bandhan (1986).
He was awarded the Filmfare Award for Saheb (1981).
Veteran Bengali actor Ranjit Mallick described Paul''s death as "untimely".
"I am yet to come to terms with the news. He was like my younger mother. Yes he was not keeping well for some time," Mallick said.
May his soul rest in peace!