I understand and agree to the above.

Benefits:
This option provides more context and encourages users to familiarize themselves with the linked documents.
It explicitly states that checking the box signifies agreement with the full terms and conditions.

Additional Considerations:
You may want to consider including a brief summary of the key points in the Terms of Service and Privacy Policy within the Agree to Terms section. This can help users understand the main points without having to access the full documents.
Ensure the links to your Terms of Service and Privacy Policy are clear and easy to click for users.
Remember to keep the language of both options clear, concise, and easy to understand for all users.
Note: It is important to consult with your legal counsel before finalizing the terms and conditions for your LMS portal.