Please try is as below.
HTML
<div class="edit-rght-2">
<input type="password" disabled="disabled" value="sevika" id="password" maxlength="10" readonly="readonly" />
<input type="checkbox" id="show_password" />
<label>Show</label>
</input>
</div>
JS
$('#show_password').change(function(){
if ($(this).is(':checked')) {
alert('checked');
}
else{
alert('unchecked');
}
});
LIVE DEMO
JsFiddle