Assign following rights or permissions manually to the account to be selected during the installation:

1) Act as a part of operating system.

2) Log on as a service account.

3) Create token object.

How to grant all necessary User Rights to the SYSTEM Group and the installation user account from the Local Security Policy Administration Utility: 

1. Open the Local Security Policy utility by clicking Start | Programs | Administrative Tools | Local Security Policy.

2. Browse to Security Settings | Local Policies | User Rights Assignment.

3. Double click the Policy to be configured. (The "Create a token object" policy was chosen for this example.)

4. In the Local Security Policy Setting - Create a token object dialog box click Add to open the Select Users and Groups dialog box. Double-click the Installation user account and the local SYSTEM group to add both accounts to the policy and then click OK. Ensure that both the installation user account and the local SYSTEM group are listed under the "Effective Setting" column.

Once the above steps have been performed, run the installation or patch again.