The victorious team became richer by Rs 20 lakh for winning the Nayudu Trophy.
Mumbai ran up a tall score of 577 all out to which Madhya Pradesh replied with 422 all out before the game petered out into a tame draw on the final day today.
This was Mumbai's second big title of the season, having pocketed the Ranji Trophy for the 41st time earlier.
"IDBI Federal Life Insurance awards the Mumbai team, winners of the 2015-2016 U23 Col C K Nayudu Trophy, with a cash prize of Rs 20 lakh on clinching the title," said a media release issued on behalf of the firm.
"The company continues to make a strong commitment to the future of Indian cricket and with these rewards looks to further encourage and support young talent," it said.
Speaking about their undertaking with the sport, former Mumbai pacer Vighnesh Shahane, who is CEO of the company, said, "At IDBI Federal Life Insurance, we have always been keen to support the cricket stars of the future, and provide them with the right platforms and encouragement to ensure that the sport and the players are nurtured.
"We are proud of the performance of the Mumbai team's performance at the Col C K Nayudu championship, and we wish them many more such victories.
