Retirement is an important phase of one's life. This is the stage where most of your responsibilities such as loans, education of children, and other liabilities should be taken care of so that you could spend your time relaxing doing what you like. 

Your life insurance policy should cover minimum and basic expenses of your family. Your dependents life should not significantly alter in your absence. If you are spending INR 15,000 per month for your family, your insurance should make sure that your family is able to get the same amount after your death. If necessary, a little extra amount should be taken to adjust for inflation.