Neutral is a return current path for equipments and earthing is protection for humans. Earth is a support for neutral. If neutral is not present, the machine we are using will get in full phase and we will get a shock. So earthing is done to avoid such shocks.
Dielectrics are used to store the electric charges, while insulators are used to block the flow of electric charges. All dielectrics are insulators (they don't allow the flow of electric charges through them) but all insulators aren't dielectric because they can't store charges unlike dielectrics.