How do you set the "EncryptSensitiveWithPassword" in SSIS ?

How do you set - EncryptSensitiveWithPassword, as mentioned in this tutorial - http://programmingissues.blogspot.com/2010/09/ole-db-error-has-occurred-error-code.html

I tried to do  it using the tutorial below, but i cannot even see any windows with field ProtectionLevel for my package.

http://www.mssqltips.com/sqlservertip/2091/securing-your-ssis-packages-using-package-protection-level/

EDIT - 

I know how to set Encrypt-blah option using - http://www.youtube.com/watch?v=F8basUa34qk

Do i also have to enter a password in the filed above the Protection Level field ?

how do you do this thing ?