There are thousands of funds from 40 asset management companies, or AMCs, that are available to the retail investor. So there is no dearth of options. However, be wise and pick up funds which have a good track record and a good pedigree.
Within equity, the choices abound. You can opt for a growth fund or a value fund, or a fund that combines both investing styles. For periodic payments, take the dividend option or else, stick with a growth one. There are funds classified on the basis of sectors - auto, infrastructure, FMCG, pharma; as well as market-cap. There are international funds too that offer a global exposure to a portfolio.
Besides equity, there are also debt funds and gold funds and hybrid funds that combine asset classes. So one can diversify their entire portfolio and conduct their asset allocation by resorting to mutual funds.