To elaborate more, below is the exact requirement:

We need to allow a group of users to access a specific application with 1-level approval process.

You can create a new access policy just for application (uncheck rdp and ssh) with 1 approver, then assign this policy to a smart group on a user group.

If role-based access control is required, you will need to create a Smart Group (via Smart Rule) where you can assign this resource to a specific user group. 

Thank you for the answers.

I need application-specific access policy. 

Please consider the following example:

A user needs access to two different applications.

It is mandated that Access Policy #1 be applied when the user is accessing Application #1 and Access Policy #2 while accessing Application #2.

To confirm your requirement, you want same managed account for two different applications, with two access policies respectively right?

I think only possible way for your requirement, is to create multiple smart groups for the same managed account and assign respective access policy like below:

MA1 → App1 Smart Group → App1 Access Policy

MA1 → App2 Smart Group → App2 Access Policy

When the user submit the access request, user has to select the respective application’s access policy from the available list. 

Thank you, Prudhvi.

Application #1 and Application #2 are assigned by editing MA1.

But how does the application tie up to a specific access policy?

As far as I know, application cannot be tie up to a specific access policy.

Thank you all for the help.