If by protected you meant non-interference (the valves wont hit the pistons if the cambelt snaps) then yes the 60hp 1.2 is protected. It is an 8v engine though, the 16v 1.2 made 85hp and was an interference engine.
I believe all the 1.2 8v engine were non-interference up until 2005 when they put VVT on the exhaust valves.
As previously stated the 1.2 16v is an interference engine.
The 1.4 8v & 16v are also interference but these were never available for the mk1 Punto anyway
as didge says really.
but non-interference engines found in a mk1 include:
1108cc 8v spi (55)
1242cc 8v spi (60)
1242cc 8v mpi (75)
interference engines
1242cc 16v mpi (85)
1581cc 8v mpi (90)
1372cc 8v mpi turbo (GT1, 2 & 3)
I always forget that a diesel mk1 is even a thing lol...
i bet they don't even do better mpg than a sensibly driven p60 anyway, i have literally never even seen one in the metal
I've only had a 60S and a GT