The electric field intensity \( E \) due to an ideal dipole at a distance \( r \) from its center on the axial point is given by the following formula:
\[
E = \frac{1}{4 \pi \varepsilon_0} \cdot \frac{2p}{r^3}
\]
where:
- \( p \) is the dipole moment,
- \( r \) is the distance from the dipole.
From the equation, it is clear that the electric field intensity \( E \) is inversely proportional to \( r^3 \).
Thus, the correct answer is option (E), \( \frac{1}{r^3} \).