Hello Kartik,
There isn't one built in but you could write your own quite easily:
(function($) {
    $.fn.invisible = function() {
        return this.each(function() {
            $(this).css("visibility", "hidden");
        });
    };
    $.fn.visible = function() {
        return this.each(function() {
            $(this).css("visibility", "visible");
        });
    };
}(jQuery));
You can then call this like so:
$("#someElem").invisible();
$("#someOther").visible();
Thank You!!