Mix the tomatoes, corn, lima beans, butter and shallot together in a medium bowl. Season with 1 1/2 teaspoons salt and 1/4 teaspoon pepper.
Tear off four 12- by 18-inch pieces of heavy duty aluminum foil. Put 1/4 cup of the basil leaves in the center of each piece of foil. Evenly divide the vegetable mixture (about 1 1/4 cup each) over the basil. Carefully fold each foil piece into a packet, bringing up the sides and double folding the top and ends to seal.
Grill the packets until the tomatoes begin to soften, about 12 minutes. Chop the remaining 1/2 cup basil. Place a packet on each plate, carefully open the foil and serve sprinkled with chopped basil.
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