Personally I find the Intel Protection plan to be pointless for normal overclockers. The risk of CPU death is less than 10% and this is completely proven by the statistic so far. I know, death statistic would be for death in 3 month, death for 3 years might be higher but I still highly doubt it'll be over 10%.
Then again, how long is this plan? Can we swap if it dies after 5+ years?
I believe it is within the 3 year standard warranty. I'm glad I bought it. That means that my fried 4670k ends up in the wife's build at the end of the month. Not out 220 bucks, just 25. Well worth it to me.