Reduce heat to medium-low, cover, and simmer until corn and lima beans are tender and tomatoes are soft, about 20 to 30 minutes, stirring occasionally.
Season to taste with salt and pepper.
Stir in basil just before serving.
Notes
* Can be made 1 day ahead. Let cool, cover and refrigerate. Warm on top of the stove before serving. * You do not need to cook the corn ahead of time. * Recipe can be frozen.