A policyholder is usually synonymous with life insured except in a few cases. For example, when parents take out life insurance policies for their child, in those cases the policyholder will be the father or mother (whoever pays the premium) and the child will be the life insured.
Beneficiary – The beneficiary is the nominated person (someone the life insured likes!). This person is entitled to receive the benefits from the policy once the life insured is no more. Usually, people nominate their spouse, child, parents… Basically, the life insured picks somebody who they want to receive money from the policy.