Lhag-thong (Tibetan, to see more) or transcendent insight is beyond conceptualised thoughts. It is still a thought at a subtle single pointed level engaged at the sametime in investigative manner.
One can gain knowledge and better understanding of the reality during such meditation. Well, one could gain extremely subtle pliancy of mind-body level that would have its own sensational impact but are supposed to be truly tranquil and balanced.
Lhag-thong is a high level practice and it cannot be achieved with meditation alone, however it is achieved in mediation. It requires years of study under a highly qualified teacher with much reading and practice to achieve such an insight.
Lhag-thong literally means to see "more", to see "beyond", "extraordinary", "highest", so, not to see just what a mass of mankind sees which live in ignorance, but to see beyond the limits which restrain a vision of developed minds, to see "with a third eye of Knowledge", which followers of tantric practices center on the forehead of their symbolic gods. Like any other skills, Lhag-thong can be nurtured and improved.
Based on Lhag-Thong one can contemplate Nirvāṇa, Parinirvāṇa, what is between existence and non-existence, Śūnyatā, Pratītyasamutpāda, law which congregates causes and effects, understanding Karma and Vipāka etc. Ultimately Lhag-thong is a practice for realising Śūnyatā which creates a true enlightenment.
I have a question. Well, on Tibetan transcendent insight is called Lhag-thong and Tibetan Buddhism is based upon two vehicles: Mahāyāna and Vajrayāna. So my question is: How is transcendent insight called in Theravāda tradition, on Pali? (note that Lhag-thong on Tibetan stands for both transcendent insight and Vipassana).