lime water is Ca(OH)2 + water
Ca(OH)2 is only corrosive and is harmful if swallowed
but lime water we often use is usually diluted.
So it is actually quite safe.
You can make limewater by adding Ca(OH)2 to water but it is only 1.5 g solubility at 25degree C . The pH of the solution is about 12.3 . It is slightly alkaline solution , you don't label it as hazardous material , rather irritant . When you touch it , you don't feel painful immediatelyly but prolong exposing , you will feel uncomfortable .