Lim was of Peranakan descent, with ancestry from Chenghai District, Shantou in Guangdong, China.

In the field of education, he was one of the founders of The Chinese High School and also a member of the Raffles College Committee.

He died on the way home from a trip to China and his embalmed body was scheduled to be brought back to Singapore.

However, the Chinese government requested to give him a State burial and so he was buried in Nanjing,[2] near the mausoleum of his close friend, Dr Sun Yat Sen. Lim married Ms. Wi Peck Hay (Chinese: 阮碧霞; pinyin: Ruǎn Bìxiá) and had 3 sons and 6 daughters.

His sons Lim Chong Kuo (Chinese: 林忠國; pinyin: Lín Zhōngguó) and Lim Chong Pang (Chinese: 林忠邦; pinyin: Lín Zhōngbāng) later also became prominent merchants and community figures.