Wood: one saved by grant (7)
I believe the answer is:
conifer
'wood' is the definition.
(type of tree)
'one saved by grant' is the wordplay.
'one' becomes 'i' (Roman numeral).
'saved by' is an insertion indicator (I've seen this in other clues).
'grant' becomes 'confer' (to confer is to formally grant or give).
'i' inserted within 'confer' is 'CONIFER'.
(Other definitions for conifer that I've seen before include "Eg, pine, fir or cypress" , "Type of tree" , "Evergreen (generally)" , "E.g. yew, pine or fir" , "Fir or pine, for example" .)