Hello Rakesh,
no, such an option, does not exist. Under the hood it is checked if the user executing the statement has the rights to do that alter statement. But no prompt is displayed asking for the users current password like for "end user scenarios".
For your requirement you have to implement a service/UI which does the job.
Or if you have some simple requests, like password reset etc, you can check the HANA self services which were introduced with SPS09 (Enable User Self-Service Tools - SAP HANA Administration Guide - SAP Library).
Best Regards,
Florian