I haven't known Air India to cancel flights, but to delay them by 6-8 hours. Same idea, though.
They delayed my FRA-Chicago flight last year by 8 hours but, after I asked, rebooked me on AA (who had a flight 15 leaving minutes after the original scheduled departure time).
It's basically like any scenario: know what a good backup plan would be and be prepared to ask for it if it becomes necessary.
(also, if you're going to ask them to rebook you in Frankfurt, do NOT stand in the checkin line. Go to the ticketing line. Last year, it was around the corner to the right of the checkin area.)