Herewith I added my source code of web.xml
This Kind of an error can be happened when initialization of SessionFactory fails. You have mentioned that you are using hibernate-core-4.3.7. The way you are initializing the SessionFactory is not the correct for this version. Use Hibernate version 3.x or change the way you are initializing the SessionFactory. Below is the correct way to build the session factory in Hibernate 4.x +.
Configuration configuration = new Configuration().configure();
StandardServiceRegistryBuilder builder = new StandardServiceRegistryBuilder().
applySettings(configuration.getProperties());
SessionFactory factory = configuration.buildSessionFactory(builder.build());