Aha!
It strikes me that the sentence "She said she had loved me" on its own doesn't seem to make much sense.
It seems to demand further information - perhaps it is that second point in time you mention - to relate the sentence to.
It seems to become clear when I read the sentences you and I have given as examples:
"She said she'd loved me from the moment she saw me."
"She said she'd loved me until she found out about my unfaithfulness."