You can do that with a notifications app. I've used Light Flow Pro and Sound Profile+volume Pro at different times. There are free versions of both in the Play store. I liked LightFlow for the customization and the LED control, but Sound Profile for the simplicity when I just want to create sound profiles or mess with volume control.
LightFlow has a lot of features, but it's not very intuitive and the documentation is lacking. Once you bump your way through it, LightFlow gives you the kind of control that you used to have with BeBuzz/BerryBuzz on the old BlackBerry OS.
Sound Profile doesn't do as much, but is a lot easier to use. Google changed the notifications scheme in Lollipop to combine the audio notifications for phone and apps into a single control. This splits it back into separate controls for ringtones and apps.