Enlightenment through Disintigration

[Lunar Origins]

Enlightenment through Disintigration

[ Spell / Field ]

Each time you pay any amount of Life Points:  Place 1 Psycho counter on this card.  Once per turn:  You can pay 800 Life Points;  Special Summon 1 of your banished Level 3 or lower Psychic-type monster.  When this card has 2 Psycho counters on it:  Remove all Psycho counters on the field, then draw 1 card.

[Snatch Steal]

I think the Psycho counter adding effect shouldn't be activated, so that it can still put a counter on itself when you pay your 800 life points to perform a summon. Also, there is no such thing as a "banished zone"; cards that are banished are just called "banished". You might want to make the last effect not a trigger effect, just because most counter things aren't, making them less weird.

 

as far as balance is concerned, you would probably be drawing a few cards per turn, particularly if you summon a Psychic-type who then pays more life points. On the bright side, it has to be banished, meaning it would be difficult to pull off unless you had the resources. 

This card seems to be very beneficial, but requires enough resources to balance it.