Hi Aniket,
Do you have administrative rights to run FreeMASTER installer ? (looks like it fails to install the licensing service).
Please note that only FreeMASTER Lite requires activation, you can start by using FreeMASTER (the main tool) by deselecting the FreeMASTER Lite option during component selection.
For more details check this article - FreeMASTER Installation.
Kind regards,
Iulian