We have to add the bellow codes to function.php file of active theme.

add_filter( 'woocommerce_cart_shipping_method_full_label', 'change_cart_shipping_method_full_label', 10, 2 );
function change_cart_shipping_method_full_label( $label, $method ) {
    $has_cost  = 0 < $method->cost;
    $hide_cost = ! $has_cost && in_array( $method->get_method_id(), array( 'free_shipping', 'local_pickup' ), true );

    if ( ! $has_cost && ! $hide_cost ) {
        $label  = $method->get_label() . ': Free';
    }
    return $label;
}

By toihid