Four others swam to safety, reports said.
Madhya Pradesh CM Shivraj Singh Chouhan has ordered a probe into the incident.
"CM @ChouhanShivraj today reviewed safety measures at tourist spots in the wake boat tragedy in Bhopal," CMO Madhya Pradesh tweeted.
"CM @ChouhanShivraj ordered high level probe into the tragedy & asked officials to frame guidelines to prevent recurrence of such accidents," it said.
"Govt. has announced financial assistance of Rs. 2 Lac each to the families of those who lost their lives in the boat tragedy," read another tweet.