Learn English – Does “They don’t have a life” sound correct

Etymonline has this to say:

-ics
in the names of sciences or disciplines (acoustics, aerobics, economics, etc.) it represents a 16c. revival of the classical custom of using the neuter plural of adjectives with -ikos (see -ic) to mean "matters relevant to" and also as the titles of treatises about them. Subject matters that acquired their names in English before c.1500, however, tend to remain in singular (e.g. arithmetic, logic).

So yes, at some point in history, there were such things as physic (meaning "natural science"), mathematic (meaning "mathematical science"), etc. that were later turned into plural forms but kept being treated as singular.

Edit: having looked in a few more places, it appears that in contemporary English, it still makes some sense to have both the suffix -ic and its plural form -ics. According to the Collins English Dictionary, the former has kind of specialized in forming adjectives, while the latter is happily forming nouns:

-ic
suffix forming adjectives

1. of, relating to, or resembling: allergic, Germanic, periodic. See also -ical.
   [...]

[from Latin -icus or Greek -ikos; -ic also occurs in nouns that represent a substantive use of adjectives (magic) and in nouns borrowed directly from Latin or Greek (critic, music)]

[...]

-ics
suffix forming nouns (functioning as singular)

1. indicating a science, art, or matters relating to a particular subject: aeronautics, politics
2. indicating certain activities or practices: acrobatics

[plural of -ic, representing Latin -ica, from Greek -ika, as in mathēmatika mathematics]

The key here is that they are not just two unrelated suffixes. Much rather, one is etymologically a plural form of the other. As the American Heritage Dictionary succinctly puts it, -ics is "-ic + -s".

For sentence one:

Look at it like this, 'He loves his life' and 'She loves her life' are obviously correct.

Now, when we we say 'People love their _ .', we can mean two things:

1. They love their own lives (separate lives) .
2. They love the life that they are having together or share.

Example:

• 'Software developers love their life' would mean that software developers love the life of software development.
• 'Software developers love their lives' would mean that the group of software developers you are talking about, love their own individual lives.