diff --git a/include/nanobind/stl/shared_ptr.h b/include/nanobind/stl/shared_ptr.h
index 4b73ed93..a9a86542 100644
--- a/include/nanobind/stl/shared_ptr.h
+++ b/include/nanobind/stl/shared_ptr.h
@@ -19,7 +19,7 @@ NAMESPACE_BEGIN(detail)
 struct py_deleter {
     void operator()(void *) noexcept {
         // Don't run the deleter if the interpreter has been shut down
-        if (!Py_IsInitialized())
+        if (!is_alive())
             return;
         gil_scoped_acquire guard;
         Py_DECREF(o);