It is not necessary to regularly check rear axle fluid unless you suspect there is a leak or you hear an unusual noise. A fluid loss could indicate a problem. Have it inspected and repaired.
To get an accurate reading, the vehicle should be on a level surface.
If the level is below the bottom of the filler plug hole, you will need to add some lubricant. Add enough lubricant to raise the level to the bottom of the filler plug hole.
To add lubricant when the level is low, use Dexron LS Gear Oil 75W-90 (GM Part No. US. 88862624, in Canada 88862625) meeting GM Specification 9986290. To completely refill after draining, see Recommended Fluids and Lubricants. Then fill to the bottom of the filler plug hole with the Synthetic Gear Lubricant.