UPDATE 1-CNP UniCredit Vita to protect Lehman-exposed clients

* Will protect clients exposed to Lehman bonds

* Plan will impact CNP profit by less than 100 mln euros

(Adds details, combines statements)

PARIS, Nov 28 (Reuters) - France's CNP Assurances (CNPP.PA) and Italy's UniCredit (CRDI.MI) on Friday unveiled a plan to protect the clients of their CNP UniCredit Vita unit invested in Index-linked contracts based on Lehman Bothers bonds.

The plan proposes to transform into new guaranteed products 572.6 million euros of index-linked policies, of which 400 million euros are linked to Lehman bonds.

CNP said the plan will impact its 2008 net profit by less than 100 million euros and that it had already been factored in guidance numbers provided to the market.

UniCredit and CNP Assurances, who are the reference shareholders of CNP UniCredit Vita, have also decided to extend their exclusive distribution agreement by three years to 2017.

In September, Lehman Brothers Holdings Inc LEH.P filed for bankruptcy protection after trying to finance too many risky assets with too little capital, becoming the largest U.S. bankruptcy and the highest-profile casualty of the global credit crisis. (Reporting by Dominique Vidalon; Editing by Jon Loades-Carter)