It is needless to mention that COVID 19 has shattered human life. India is also not free from the shock of COVID. The total economy was gloomy, but still investors found a ray of hope in terms of investment in mutual funds as it is managed by expert fund managers. As the dark black cloud hovers around the whole economy, people are struggling with their lives and livelihoods, people are living with the threat of COVID hence at the beginning of pandemic period the mutual funds market were sluggish, but thereafter there have been a considerable increase in the investment of mutual funds. The most important thing is that in the plethora of mutual funds there are several categories which may actually cater the needs of the different class of investors. This particular research paper have discussed about equity and index mutual funds such as pros and cons, growth, decline, performance during pandemic period and ultimately how it relates with the perception of the investors. I think that this book will facilitate the needs of academicians and industries both at present and in future.