She is in time (5)
I believe the answer is:
daisy
'she' is the definition.
'is in time' is the wordplay.
'in' is an insertion indicator.
'time' becomes 'day' (day is a kind of time).
'is' inserted within 'day' is 'DAISY'.
(Other definitions for daisy that I've seen before include "chain, just the smallest bit?" , "Old song: '. . . . ., . . . . . give me your answer, do'" , "Common wildflower" , "Plant; girl's name" , "Composite" .)