“Cannot find the mentioned settings option” – Upgrading your eStore will help. You can get a new build of eStore from here:
https://support.tipsandtricks-hq.com/update-request
The way you have it setup it won’t work actually. When you enable the “Only Logged In Members Can Checkout” option it will make it to where everyone has to be a member before they can checkout. Obviously you can let them be a free member but I don’t think thats what you are after.
What will solve your issue is if you get a custom shortcode developed that lets you place a product display for a particular membership level.