session.save_handler = memcached
session.save_path = "127.0.0.1:11211"
session.gc_maxlifetime = 86400
The rest it standard. I expect the session to be kept alive for at least 86400 seconds since the last time user visited the page, ie If I started a session and visited page 5 minutes later, the session should expire only after another 86400 seconds.
However, now session expires after roughly an hour. I’ve attached screenshot for the phpMemcachedAdmin.

There are other parameters that might apply:
Your session cookie might expire early. Calling session_set_cookie_params(86400) will ensure that your session cookie exists as long as your actual session.
Also, gc_maxlifetime set a maximum for your session lifetime. Don’t forget that the garbage collection is triggered by a probability: http://www.php.net/manual/en/session.configuration.php#ini.session.gc-probability:
You might try to check/change these settings too.