The best paraphrase of the lines is: The children of two feuding families fall in love and are destined to die.
Here's why:
"Fatal loins": This phrase suggests that the children are born into a situation that will ultimately lead to their deaths.
"Star-cross'd": This term implies that the lovers are destined to suffer tragedy due to forces beyond their control.
"Take their life": This phrase clearly indicates that the lovers will die.
Therefore, the option that accurately captures the essence of the lines is the one that highlights the doomed love story of the two children from feuding families.