SharePoint 2010 – "HTTP 500 Internal Server Error" while trying to browse to a SharePoint site using Claims-based authentication {Event:8306}

After creating the site collection in SharePoint 2010 using claims based authentication, when we access the site we get the error 

"HTTP 500 Internal Server Error". For the details of this error we need to check the application log in event viewer. 

This error can be solved by the following steps.

1. Go to Start -- Control Panel --; Administrative tools –> Local Security Policy. Local Policies -- User Right Assignments -- select the Impersonate a client after authentication properties
2. Add the Application Pool account for the site which is not working, i.e. the domain\username
3. Go to the application pools in IIS and if the SecurityTokenServiceApplicationPool is stopped then start it.
4. Reboot the server or do a IIS Reset, so the changes can take effect.
5. Browse the site and it should work fine.