RRaghunath-
I don't think an automatic assumption of 5P = class 1 and 10P = class 3 metering is valid all of the time. It very much can depend on the burden rating, ratio, and type of core material being used.
As an example, if you have a 5P - 100VA rated core and a relative low ratio (like 400:1A), the core will have a relatively large cross-sectional area. Class 1 requires 3% ratio error and 180min phase error at 5% rated current. At 5% rated current with such a large cross-section core, the flux density could be low enough where the B-H or excitation curve is in the "boot" region, which is where the performance relationship becomes non-linear again. I ran a quick calculation using our design tool on something similar and it would not meet a class 1 metering rating.
The types of core material used for such protection cores can "drop off" rather steeply when the flux density gets too low.
A PX rated CT with a Vkp >= 500V is also going to be a rather large cross-section core.