For this as per IRDA guidelines, a policyholder should apply to the insurance company at least 45 days before the premium renewal date of the existing policy. And the policyholder has to fill in the portability form (provided by the insurer) along with proposal form and submit it to the insurance company. The insurer shall communicate its decision to the requesting policyholder within 15 days of providing all the details required by the insurer and if the insurer does not communicate its decision within 15 days, it shall not retain the right to reject such proposal.